ABC Islamic Bank (EC), Barwa Bank, Emirates NBD Capital Limited, Noor Islamic Bank PJSC and Standard Chartered Bank (together the Initial Mandated Lead Arrangers and the Bookrunners) announced the successful closure and signing of a $430million equivalent Dual-Currency Syndicated Murabaha Financing Facility for AlBaraka Türk Katılım Bankası A.Ş. (Albaraka Türk).
Launched at $250 Million, the Facility was oversubscribed to close at $430 million with participation from 23 institutions from across the globe. The Facility was structured as a Shari’a compliant US dollar and Euro dual currency, dual tranche Murabaha Facility with tenors of one year and two years. The Profit Margins for the one year and two years tranches are 100 basis points per annum and 135 basis points per annum respectively.
The facility has given AlBaraka Türk the opportunity to broaden and diversify its funding base, develop new bank relationships and strengthen existing ones. The proceeds will be used to expand its financing activities in Turkey.
AlBaraka Türk has arranged for a commemorative event to be held in Istanbul on 24 September 2013 to mark the close and signing of the Facility.