IslamicFinance.de

Al Baraka's Turkish subsidiary, Al Baraka Turk Participation Bank, has concluded a syndicated Sharia compliant Murabaha financing, raising a total of $196m and EUR 175.5m. A total of 23 banks from 15 countries participated in the facility, managed by the lead arrangers Standard Chartered Bank, Noor Islamic Bank (Dubai), ABC Islamic Bank (Bahrain), Barwa Bank (Qatar) and Emirates NBD Capital (Dubai). Meanwhile, the Bahrain All-Share Index slipped 0.20% to 1,194.88 points on Sunday. Al Baraka Banking Group closed even at $0.725.

Turkish Al Baraka Turk Participation Bank has signed an Islamic finance deal of $450 million. Several major international banks took part in the deal. The facility includes 32 banks from 16 countries around the world, among which Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD. The mandated lead arrangers were Bank Islam Brunei Berhad Darussalam and Al Hilal Bank.

With the participation of a couple of major international banks, Al Baraka Turk Participation Bank has signed anIslamic finance deal worth $450 million making this a record. 32 banks from 16 countries are included in the facility. Among them are Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD. Nominations for mandated lead arrangers are announced: Bank Islam Brunei Berhad Darussalam and Al Hilal Bank.

Al Baraka Turk Participation Bank showed an increase in total operating income of three per cent. After deducting expenses, provisions and taxes, net income increased by 35 per cent for the period.
Turkey is considered as one of the key markets for the group because of the diversity and abundance of economic activities and huge promising opportunities that it offers.