Kuwait Finance House (KFH), the country's largest lender, said its Turkish subsidiary has secured a $350 million syndicated Islamic loan.

The dual-currency murabaha transaction for Kuveyt Turk was arranged in two tranches, one maturing after two years for $300 million, and the other including one- and two-year terms for a combined total of 40 million euros ($48.63 million), KFH said in a statement. Murabaha is a common cost-plus sale arrangement in Islamic finance.

ABC Islamic Bank, the Islamic unit of Bahrain-based Arab Banking Corporation, Abu Dhabi Commercial Bank, Barwa Bank, Emirates NBD Capital, the Saudi Arabian subsidiary of Emirates NBD, Noor Bank and Qatar Islamic Bank were the initial mandated lead arrangers and bookrunners to the deal, KFH said.

The participating banks were Boubyan Bank, Kuwait International Bank, Saudi British Bank, Ahli United Bank, United Arab Bank and Commerzbank.-Reuters