ChemOne lands US$350mil takaful deal
In a statement yesterday, the Singapore-based petrochemicals, green energy and natural resources conglomerate said the cover is designed to support Islamic banks involved in the project financing of the Pengerang Energy Complex Sdn Bhd (PEC), highlighting strong institutional confidence and the project's long-term strategic value to Johor.
The ICIEC cover is structured under a murabahah financing facility, providing 90% cover on both principal and profit -- significantly de-risking the transaction for participating Islamic banks, including the National Bank of Kuwait, the Qatar National Bank, Al Rajhi Bank Malaysia and Al Rajhi Bank Saudi Arabia.
ChemOne chief financial officer Mayank Vishnoi said that ICIEC's support provides a strong validation of PEC's financial strength and its far-reaching development impact.
'PEC will drive regional industrial growth, create thousands of jobs and support regional value chains to all while adhering to global standards for sustainable and responsible financing,' he said. — Bernama
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