BANKING - Albaraka Turk mandates for 1 year Murabaha Syndication

www.finansglobal.com - Albaraka Turk, one-year term for $ 250 million murabaha syndicated loans the banks have signed a letter of appointment.

Albaraka

(Finansglobal) - ABC Islamic Bank (EC), Al Hilal Bank PJSC, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital Limited, Noor Islamic Bank PJSC and correspondent banks led by Standard Chartered Bank, one-year term murabaha syndication will be denominated in USD and EUR .  (source)

BANKING - Turkiye Finans enters into USD 350 mio Murabaha Syndication

www.finansglobal.com - Turkey Finance, the total participation of 15 countries, 29 international markets, the bank provided 350 million U.S. dollars Murabaha syndication.

provided by financial markets syndicate finansUluslararası turkey Murabaha Finance General Manager of Turkey Derya Gürer Speaking at the signing ceremony, the consortium led ABC Islamic Bank, HSBC, said Noor Islamic Bank and Standard Chartered Bank undertook.  (source)

BANKING - Turkiye Finans obtains a USD 350 mio Murabaha Syndication

www.dunya.com - Finance General Manager of Turkey Derya Gürer: This syndication and corporate finance to SMEs primarily to companies in need of support, reasonable cost and kullandıracağız conditions.
ISTANBUL - Turkey Finance, the total participation of 15 countries, 29 international markets, the bank provided 350 million U.S. dollars Murabaha syndication.
Bank of Asia syndicate of international financial markets has provided Murabaha Finance General Manager of Turkey Derya Gürer Speaking at the signing ceremony, the consortium led ABC Islamic Bank, HSBC, said Noor Islamic Bank and Standard Chartered Bank undertook. (source)

FINANCE - Turkey is finance Murabaha syndication

www.finansglobal.com - Turkey Finance, with the participation of 15 countries, 29 of the bank provides a new Murabaha syndication.

Turkey according to a statement from Finance, ABC Islamic Bank, HSBC Bank Middle East, Noor Islamic Bank, Standard Chartered Bank Signing Ceremony on May 14 at the Conrad Hotel Syndicated assumed leadership of the consortium to be done.

The statement did not appear in the amount of syndication.  (source)

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)

CAPITAL MARKETS - Commerzbank : Case Study: Kuveyt Turk Bank - a USD 350 million 5 year sukuk in Turkey attracts an international market

Overview

Commerzbank acts as Joint Lead Manager for Turkey’s second largest sukuk transaction to date. By targeting high-quality investors across the Middle East, Asia and Europe, orders exceeded the target USD350mn issue size by 60%, allowing the client to secure competitive pricing and an unusually diverse investor base.

The Challenge

Kuveyt Turk is one of the two-largest participation banks in Turkey by assets. Majority-owned by Kuwait Finance House, it operates along strict Islamic Finance principles (Shariah law). (source)

ARTICLE - Talking Turkey

theislamicglobe.com - In quiet corners in the established Islamic finance hubs of the GCC and Malaysia, jittery Islamic bankers whisper tales of a great power rising in the west.

The fear is not the old crusaders and imperialists of Europe and America, but a modern, democratic, secular nation at the bridge between Europe and Asia: Turkey.

Although the development of c, known in Turkey as participation banks, is no secret, there is a definitive pique in interest from the established powers in Islamic banking in doing business with and doing business in Turkey.  (source)

CAPITAL MARKETS - Kuveyt Türk opens Turkey up to Islamic bond market

It has been a groundbreaking week for Islamic finance in Turkey, with Thursday bringing both a $350m benchmark sukuk from Kuveyt Türk Participation Bank, and word that Asya Bank is looking to roadshow its own deal. (source)

CAPITAL MARKETS - Kuveyt Turk prices $350 mln sukuk at par - leads

reuters.com - Oct 20 (Reuters) - Kuveyt Turk, the Turkish arm of Kuwait Finance House , has priced its $350m five-year sukuk, lead managers said in a document on Thursday.

The paper priced at par with a spread of 447.5 basis points over midswaps and carried a profit rate of 5.875 percent. (source)

FINANCE - Albaraka Türk Katılım Bankası A.Ş., Turkey US$ 350,000,000 equivalent Dual Currency Syndicated Murabaha Financing Facility (the "Facility")

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)

FINANCE - Albaraka Turk closes $350m loan facility

Bahrain-based Albaraka Banking Group (ABG) said its Turkish unit Albaraka Türk Katılım Bankas has successfully closed a $350 million dual-currency syndicated murabaha financing facility.

Several major banks including ABC Islamic, Emirates NBD, Noor Islamic and Standard Chartered acted as the initial mandated lead arrangers and the bookrunners for the transaction. (source)

FINANCE - New 350 million USD loan for Albaraka Turk

New Murabaha syndicated loan, will be used to meet the capital needs of SMEs.
ISTANBUL - Albaraka, in September 2010 provided $ 240 million Murabaha syndicated loan amounting to more then signed a new agreement. The Bank's new $ 350 million for a syndicated loan of 25 banks and financial organizations from 17 countries signed the agreement. (source)

CAPITAL MARKETS - FRANCE - Al Baraka to launch 100 mln euro bank in France by H1 2012 - Albaraka Turk to issue Sukuk

JEDDAH, Saudi Arabia, Aug 11 (Reuters) - Bahraini Islamic lender Al Baraka will expand to France next year and expects to launch a bank with a capital of 100 million euros ($142 million) by the first half of 2012, the bank's top official told Reuters.

Al Baraka had announced in 2009 its plan to launch operations in France but had to postpone it due to the financial crisis. (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)

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)

CAPITAL MARKETS - Shariah-Compliant Hedging Derivatives Start in Malaysia: Islamic Finance

Standard Chartered Plc and Bank Islam Malaysia Bhd. plan to offer Shariah-compliant derivatives in Malaysia that will allow investors to hedge against interest rates and commodity prices.

Standard Chartered, the U.K. bank that earns most of its profit from emerging markets, will begin selling contracts in the first quarter that provide protection from fluctuations in the cost of items such as rice and oil, according to an e-mailed reply to questions yesterday. Bank Islam Malaysia, the country’s oldest Islamic lender, will offer swaps that allow two parties to exchange different forms of payments from an underlying asset.