Published: July 25, 2012
Turkish lender mandates six banks for murabaha financing.
Albaraka Türk Katılım Bankası, a Turkish Islamic bank, has raised US$250mn in a syndicated murabaha financing.
The lender mandated ABC Islamic Bank, Al Hilal Bank, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital, Noor Islamic Bank and Standard Chartered to arrange the funding.
The one-year money carries a profit rate of 200 basis points over LIBOR/EURIBOR.
The funds will be used for on-lending in Turkey where the bank has 130 branches and assets worth TRY10.3bn (US$5.7bn) at the end of March.
Albaraka Türk was established in 1984 and is currently rated BB with negative outlook by Standard & Poor’s and BB stable by JCR Eurasia Rating.