FINANCE - Noor Islamic Bank Successfully Closes US$300-Million Structured Murabaha Syndicated Facility For Bank Asya - Facility is Noor’s Third Transaction in Turkey

Press Release - Noor Islamic Bank, as Initial Mandated Lead Arranger and Book Runner with ABC Islamic Bank (E.C.), National Bank of Abu Dhabi PJSC and Standard Chartered Bank, has successfully closed a US$300-million dual currency Islamic structured Murabaha Syndicated Facility (the “Facility”) for Bank Asya, one of Turkey’s leading Islamic banks. (full story)



The announcement marks Noor Islamic Bank’s second successful transaction for Bank Asya and the third for a Turkish bank in the last 12 months.

Despite challenging and uncertain regional market conditions, the Facility was substantially oversubscribed reflecting the international financial community’s continuing confidence in the Turkish economy and banking sector. The Facility saw the participation of 26 international banks from across 19 different countries.

Hussain AlQemzi, CEO, Noor Islamic Bank and Group CEO, Noor Investment Group, said: “This is Noor Islamic Bank’s third successful joint syndication outside its local boundaries, which marks the strong endorsement of our international Shari’a compliant financial expertise. We will continue to seek strategic opportunities beyond the UAE and leverage our world class footprint and expertise in the Shari’a compliant finance sector.”

Noor Islamic Bank was previously ranked by Bloomberg as number one on the list of mandated Lead Arrangers in Islamic finance in the UAE and number three on the list of leading Islamic finance Book Runners in the UAE. Simultaneously, Noor was previously ranked number one by Thomson Reuters on the list of Islamic finance Lead Arrangers and Book Runners in the UAE.

Source : http://www.middleeastevents.com/site/pres_dtls.asp?pid=13010 - April 6, 2011