ABC Islamic Bank (E.C.), Emirates NBD Bank PJSC, Noor Islamic Bank and Standard Chartered Bank (together the "Initial Mandated Lead Arrangers" and the "Bookrunners" are pleased to announce the successful closure and signing of a US$ 350,000,000 equivalent Dual-Currency Syndicated Murabaha Financing Facility for Albaraka Türk Katılım Bankası A.Ş. ("Albaraka Türk" or the "Bank"). (source)
Launched at US$ 150 Million, the Facility was oversubscribed to close at US$ 350 Million with participation from 25 banks from across the globe. It is the largest Islamic Structured Murabaha Syndicated Financing ever raised by any Turkish financial institution till date. The floating rate dual currency Facility carries a profit rate of 150 bppa over the relevant benchmark. Proceeds from the Facility will be used by Albaraka Türk to expand its financing activities in Turkey.
The Facility was signed on 12 September 2011 and a commemorative event was held in Istanbul on 15 September 2011 to mark the occasion.
About Albaraka Türk Katılım Bankasi A.Ş.Albaraka Türk is one of the pioneers in the field of interest-free banking in Turkey. It completed its establishment in 1984 and commenced operations in the beginning of 1985. Albaraka Türk is currently rated "BB" by S&P.
Albaraka Türk continues its operations in compliance with the Law of Banking numbered 5411. Albaraka Türk was founded by Albaraka Banking Group (ABG), one of the prominent groups of the Middle East, Islamic Development Bank (IDB) and Alharthy Family, which served the Turkish economy for more than half a century. As of 30 June 2011, the share of the foreign partners is 66.16%, the share of the local partners is 11.33% and the share of public is 22.51% in the ownership structure of Albaraka Türk.
Albaraka Türk commenced banking with the vision of becoming the best participation bank to its growing client base with 117 branches all over the country, of which 67 are in Istanbul and 49 are in the prominent industry and trade centres of Turkey and 1 foreign branch in Erbil, Iraq.
As a prominent participation bank in Turkey, Albaraka Türk enjoys a market share of 17.99% in the participation banking segment by asset size in H1' June 2011. Albaraka Türk balance sheet grew by 3.3% with total assets of TRY8.7Bn as at half year ending June 2011 when compared to total assets of TRY8.4Bn as of December 2010. As of December 2010, Total assets grew by 31% when compared to TRY 6.4Bn as of December 2009. Shareholders' equity as of December 2010 stood at TRY 853Mn, recording an increase of 20% YTD over 2009, whilst the half year to date shareholder's equity stood at TRY908Mn as at June 2011 recording a growth of 6.6% as compared to December 2010.© Press Release 2011
About Albaraka Türk Katılım Bankasi A.Ş.Albaraka Türk is one of the pioneers in the field of interest-free banking in Turkey. It completed its establishment in 1984 and commenced operations in the beginning of 1985. Albaraka Türk is currently rated "BB" by S&P.
Albaraka Türk continues its operations in compliance with the Law of Banking numbered 5411. Albaraka Türk was founded by Albaraka Banking Group (ABG), one of the prominent groups of the Middle East, Islamic Development Bank (IDB) and Alharthy Family, which served the Turkish economy for more than half a century. As of 30 June 2011, the share of the foreign partners is 66.16%, the share of the local partners is 11.33% and the share of public is 22.51% in the ownership structure of Albaraka Türk.
Albaraka Türk commenced banking with the vision of becoming the best participation bank to its growing client base with 117 branches all over the country, of which 67 are in Istanbul and 49 are in the prominent industry and trade centres of Turkey and 1 foreign branch in Erbil, Iraq.
As a prominent participation bank in Turkey, Albaraka Türk enjoys a market share of 17.99% in the participation banking segment by asset size in H1' June 2011. Albaraka Türk balance sheet grew by 3.3% with total assets of TRY8.7Bn as at half year ending June 2011 when compared to total assets of TRY8.4Bn as of December 2010. As of December 2010, Total assets grew by 31% when compared to TRY 6.4Bn as of December 2009. Shareholders' equity as of December 2010 stood at TRY 853Mn, recording an increase of 20% YTD over 2009, whilst the half year to date shareholder's equity stood at TRY908Mn as at June 2011 recording a growth of 6.6% as compared to December 2010.© Press Release 2011
