The Islamic Corporation for the Development of the Private Sector (ICD) and PT Mandala Multifinance Tbk (MFIN) have signed a Shariah-compliant Line of Financing agreement for US$30 million to support the development of the private sector in Indonesia. ICD has secured the participation of UAE-based Ajman Bank in this Islamic syndicated facility, having a tenure of four years. Meanwhile, PT Bank CIMB Niaga Tbk, a local bank based in Indonesia, will act as the Facility, Investment, and Security Agent for this transaction. This facility will enable MFIN to meet its funding requirements for financing new two-wheelers to be leased to SMEs and self-employed entrepreneurs.
