FINANCE - Noor Islamic to arrange $1 bln Turkish debt by yr-end - CEO - May apply for Turkish banking license by end of this year

www.reuters.com - (Reuters) - Dubai-based Noor Islamic Bank has arranged more than $2 billion of debt transactions in Turkey since the beginning of 2011 and targets a further $1 billion before year-end, its chief executive officer told Reuters in an interview on Wednesday.
"There's huge demand for financing in Turkey, mainly in the SME (small and medium enterprises) business. We've done $2 billion...and expect another $1 billion this year," said Hussain Al Qemzi. (source)

FINANCE - Turkey's Bank Asya gets $325 mln dual-currency Islamic loan

www.reuters.com - (Reuters) - Turkish lender Asya Katilim Bankasi (Bank Asya) has secured a $325 million dual-currency syndicated Islamic loan, a statement from Emirates NBD, one of the arranging banks, said on Tuesday.

Late last year, the lender, which offers non-interest banking services adhering to Islamic law, postponed a foray into debt capital markets by delaying a sukuk issue worth up to $300 million.

The syndicated loan comprises a $201 million tranche and a 96.5 million euro segment, and is structured as a murabaha facility. (source)

BANKING - UAE’s NBAD eyes regional mandates - Turkey strategic market

www.kippreport.com - National Bank of Abu Dhabi, the largest lender by market value in the United Arab Emirates, is set to take on regional mandates to add to its home-market advantage, the head of the bank's debt capital markets team said.

The bank is pitching more aggressively for mandates in other Gulf Arab states, Fawaz Abu Sneineh told Reuters in an interview this week.  (source)

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)

FINANCE - Bank Asya receives over $300 mln in murabaha loan

Bank Asya's general director Çelik (C) at the signature ceremony.

Turkey’s leading participation bank, Bank Asya, has received over $300 million in a “murabaha” syndicated loan from 26 international financial institutions, marking the largest such loan ever extended to a Turkish bank.

Murabaha is an Islamic method of extending loans that involves a particular kind of sale where the seller states the cost of the commodity to be sold and sells it to another person, adding a specified amount of money to the price. Since murabaha is not a loan extended with interest but the sale of a commodity for cash or deferred payment, interest-free banks commonly use it as a financial instrument to earn profits. (full story)

FINANCE - BANK ASYA Murabaha Syndication

31/03/2011 17:11:29
Turkish participation lender Bank Asya said on Thursday, in a statement with the IMKB, that the bank has secured a 1-year US$171mn and EUR94.5mn murabaha  syndication loans from a consortium of 26 international banks from 19 countries. (full story)

31/03/2011 16:10:38

Turkish participation bank Bank Asya obtained a murabaha syndication facility of 300 million USD.
The murabaha syndication facility has been realized with the participation of 28 banks and financial institutions from 18 countries led by Standard Chartered Bank, ABC Islamic Bank, Noor Islamic Bank and National Bank of Abu Dhabi.
The maturity of the facility is determined as one year in Euro and USD tranches.
The agreement on the availability of the credit reaching a volume of 171 million USD and 94,5 million Euro was signed in a ceremony in Istanbul.
The syndication was secured with an interest rate of Libor/Euribor plus 1.5 percent.
(AA)  (full story)

CAPITAL MARKETS - Turkish Bank Asya launches US$150m Islamic loan

March 1, 2011 (RLPC) – Turkish Islamic lender Bank Asya has appointed ABC Islamic Bank, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered Bank as initial mandated lead arrangers and bookrunners for a US$150m syndicated dual currency murabaha financing, the banks announced.(source)