Al Baraka Turk concludes $450m Murabaha Financing

Manama 

 Al Baraka Banking Group announced that its Turkish subsidiary, Al Baraka Turk Participation Bank, had concluded a syndicated Sharia compliant Murabaha financing, raising a total of US$278 million and EUR 154.5m with total financing of US$450m.

A number of 17 famous international banks from 11 countries participated in the facility, managed by the lead arrangers Standard Chartered Bank, ABC Islamic Bank (E.C.), Barwa Bank, Emirates NDB Capital and Kuwait International Bank. 

The syndicated murabaha facility is comprised of two tranches representing a total of US$87.5m and Euro98.25m for a tenor of 367 days and US$190.5m and Euro56.25m for a tenor of two years and three days. The deal follows the syndicated Murabaha financings raised by the bank since 2010.

On this occasion, Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Turk Participation Bank and President & Chief Executive of Al Baraka Banking Group commented, "We are indeed delighted at the large success of the syndicated Murabaha financing deal this year, despite the volatile financial markets and international economic situation, which endorses the reputation of Al Baraka Turk Participation Bank and its distinguished position in the Turkish market.

For his part, Dr. Fahrettin Yahsi, Member of the Board of Directors and General Manager of Al Baraka Turk Participation Bank said, "With the continuing and steady growth of Al Baraka Turk Participation Bank over the past decade, the Bank became a major player in the Turkish market. Therefore, we constantly strive to strengthen and diversify our financial resources, duly endorsed by our financial performance and our ability to adapt to the current economic situation in the world markets. Besides it has helped us gain an excellent reputation in the Turkish market, which is our main focus, because of the diversity and promise of opportunities that it offers.