IslamicFinance.de

According to Chief Executive Officer Igor Finogenov, Eurasian Development Bank wants to expand Shariah-compliant financing after helping arrange a deal last year.
The bank is searching to boost lending that respects the Islam’s ban on interest after serving as mandated lead arranger for a $60 million syndicated Murabaha facility for Kazan, Russia-based AK Bars Bank in September.

AK BARS Bank sealed the debut in CIS one-year syndicated Murabaha financing for the total amount of $60 million. Citi and the Islamic Corporation for the Development of the Private Sector (ICD) were the exclusive Joint Lead Arrangers and Bookrunners.
AK BARS Murabaha facility is the first international facility compliant with Shari’ah requirements organized for a Russian financial institution and follows on from the Islamic finance initiative announced by Tatarstan Republic earlier this year.

AK BARS Bank has finished with success the debut in CIS one-year syndicated Murabaha financing for the total amount of $60 million.
Mandated Lead Arranger was Eurasian Development Bank. Investment Agent was acted by Citibank International Plc.
AK BARS Murabaha facility is the first international facility compliant with Shari’ah requirements arranged for a Russian financial institution.