Moblie Telecommunications Company (MTC), the provider of telecom services in Kuwait has decided to tap the Islamic market 'in line with the company's overall strategy to diversify the sources of funding.
It has finalised a $750 million consolidated financing deal to make a partial payment towards a $2.4 billion loan taken to purchase Dutch-based Celtel, previous year. Early this year, MTC has asked to select banks to present their offers to finance the firm through credit facilities of up to $5 billion. This would be the largest such facility to date for a telecoms company in the Middle East. The syndication of about 20 financial institutions have enabled this facility. This has been one of the largest Islamic financings for the year 2005, which has 15 million customers in Kuwait, Iraq, Jordan, Lebanon, Bahrain and sub-Saharan Africa.