Published: September 27, 2013
Turkish subsidiary of Bahraini bank secures funds from syndicate of 23 lenders.
Al Baraka Turk Participation Bank has raised a dual-tranche, dual-currency Islamic funding line from 23 regional and global banks.
The Turkish bank, a division of Bahrain’s Al Baraka Banking Group, secured US$196mn and €175.5mn (US$236mn) in a syndicated Murabaha financing – a type of shariah-compliant loan.
Lead arrangers on the deal were Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank, Barwa Bank and Emirates NDB Capital.
During the first half of the year, Al Baraka Turk Participation Bank increased operating income by 18.8% to TL127.5mn (US$63.7mn) year-on-year. Net income was TL100mn , an increase of 16.37.