WORLD - FINANCE - Thomson Reuters Launches World's First Islamic Interbank Rate

Thomson Reuters works with leading Islamic finance institutions and banks to provide objective and dedicated benchmark for Shariah-compliant short-term interbank funding in Islamic finance industry

New York, London, Bahrain — Thomson Reuters today launched the world's first Islamic finance benchmark rate, designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding. The Islamic Interbank Benchmark Rate (IIBR), announced at the 18th Annual World Islamic Banking Conference in Bahrain, uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable and much-needed alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance. (source)

FINANCE - US$ 150,000,000 Dual Currency Syndicated Murabaha Financing Facility

Albaraka Türk Katılım Bankası A.Ş. ("Albaraka Türk") has mandated ABC Islamic Bank (E.C.), Emirates NBD Bank PJSC, Noor Islamic Bank PJSC and Standard Chartered Bank (together the "Initial Mandated Lead Arrangers" and the "Bookrunners") to arrange a US$ 150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility (the "Facility") on its behalf. Financing under this Facility will be used by Albaraka Türk to expand its financing activities in Turkey. The Facility has a tenor of one year and carries a profit rate of 150 bppa over the relevant LIBOR/EURIBOR.(source)