SINGAPORE: The Islamic Bank of Asia signed over 20 significant cross-border deals worth more than US$500m in its first year of business.

And in the first quarter of this year, some US$200m worth of deals was committed.

This was announced as the bank held its first board of directors meeting in Bahrain.

The bank was established in May last year and is headquartered in Singapore.

It is a joint venture between DBS Bank and 34 investors from prominent families and industrial groups based in the Gulf Cooperation Council (GCC) countries.

The bank's major deals in the past year included lead managing a US$250m Syndicated Mudaraba Financing Facility for Tamweel PJSC - a UAE-based Islamic mortgage company - and a US$400m Syndicated Dual Currency Ijarah financing facility for Al Jaber Transport & General Contracting - a UAE-based company with interests in manufacturing and real estate.

In its first year of operation, the bank has been focusing on building its position in the wholesale financing markets and developing a platform of financing structures, including trade finance and large-scale syndications.

It also built a range of treasury services - from the provision of foreign exchange to money market activities. - CNA/ir