bt.com.bn - BANK Islam Brunei Darussalam Berhad (BIBD) will be providing financing of US$75,000,000 ($97,500,000) to Turkiye Finans Katilim Bankasi (TKFB) AS under the bank's Murabaha Financing Facility.
BIBD, one of Brunei's largest financial institutions, said the financing facility will be for five years and will provide funding for small and medium enterprises (SME) in Turkey. (source)
BIBD, one of Brunei's largest financial institutions, said the financing facility will be for five years and will provide funding for small and medium enterprises (SME) in Turkey. (source)
BIBD Managing Director Javed Ahmad in a statement said, "Turkey is the largest economy among the Organisation of Islamic Cooperation member countries and a leading growth economy in the emerging market. We are pleased to be involved in that growth potential and build Turkey's success story by providing this financing to TFKB."
This will be the second time BIBD finances TFKB, and the fifth in Turkey.
Recently BIBD was the co-lead manager for Kuveyt Turk Katilim Bankasi Sukuk issuance, and in March this year, it was the mandated lead arranger in the Structured Syndicated Murabaha Financing Facility for TFKB.
The syndication consortium consisted of 20 banks including BIBD, which was one of two banks from Asia, as well as banks from Europe and the Gulf region.
In March 2011, TFKB raised approximately US$300 million from the syndication consortium in what was the largest Murabaha syndicated deal at that time.
TFKB is a leading participation bank (banking activities based on Islamic Banking principles) in Turkey owned by The National Commercial Bank (64.68 per cent), the largest bank in Saudi Arabia, Boydak Group (21.36 per cent) and Ulker group (13.79 per cent). TFKB serves more than 500,000 deposit/individual customers, 350,000 credit card customers, and 20,000 corporate customers with 182 branches and more than 3,400 employees.
The signing of the US$75,000,00 Murabaha Financing Facility was inked by BIBD's Javed and Head of Institutional Banking Division Hj Minorhadi Hj Mirhassan. On behalf of TFKB, Chief Executive Officer V Derya Gurerk and Executive Vice President Ali Guney signed the deal.
The signing ceremony took place in TFKB's head office in Istanbul. Goh De No
