DUBAI, June 11 (Reuters) - Kuwait International Bank has invited banks to participate in a $100 million debut Islamic loan to fund its general funding activities and the marketing of the deal should close by early August, it said in a statement on Thursday.
The bank will raise funds with a three-year lifespan and will pay a margin of 120 basis points over the London interbank offered rate (Libor).
The lender will use a murabaha-structured facility, which is a cost-plus-profit arrangement, one of the most popular formats for structuring Islamic loans.
Arab Banking Corporation and ABC Islamic Bank are the mandated lead arrangers for the transaction. (Reporting by Archana Narayanan; editing by Matt Smith)