AL BARAKA CLOSES $268M LOAN FACILITY
AlBaraka Türk Katılım Bankası A.Ş. (AlBaraka Türk) announced yesterday that itsuccessfully closed a US$268,000,000 Syndicated Murabaha Financing Facility. The Facility was signed on 9th April 2015.
ABC Islamic Bank (E.C.), Emirates NBD Capital Limited, Kuwait International Bank, Noor Bank PJSC and Qatar Islamic Bank QSC were appointed to arrange a US$150,000,000 Syndicated Murabaha Financing Facility.
The Facility received a strong response from the market with 14 institutions participating from Europe and MENA. Due to the significant oversubscription, Albaraka Türk decided to increase the facility size to US$268,000,000.
The Facility is structured as a syndicated Murabaha financing facility with tenor of two years and three days. The profit margin is 125 basis points per annum over 3 month LIBOR.
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.
Related Posts