Al Baraka unit seals $450m Turkish deal
Manama, September 16, 2012
Bahrain-based Al Baraka Banking Group said its Turkish subsidiary has concluded a record Islamic finance deal in Turkey worth $450 million with the participation of a group of major international banks.
Thirty-two banks from 16 countries covering the main financial centres in the world took part in the facility for Al Baraka Turk Participation Bank.
These included Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD. Bank Islam Brunei Berhad Darussalam and Al Hilal Bank were nominated as mandated lead arrangers.
Commenting on the transaction, Al Baraka Banking Group chairman and chief executive Adnan Ahmed Yousif said, "The success of the murabaha syndication deal of the bank this year, provides further evidence of its distinctive reputation and position in the Turkish market, based on strong financial position and growing financial performance over the previous years."
It is also an international certificate of the distinctive reputation and prestige, which ABG enjoys regionally and globally, he added.-TradeArabia News Service