Mubasher: Al Baraka Türk has successfully closed a $278 million and EUR 154 million dual tranche syndicated Murabaha financing facility.
The facility was signed on 9 September 2015, the lender said in a statement.
Bank ABC Islamic, Barwa Bank, Emirates NBD Capital, Kuwait International Bank and Standard Chartered Bank were appointed to arrange the facility.
The facility received a strong response from the market, with 16 institutions participating from Europe and MENA.
Due to the significant oversubscription, Al Baraka Türk decided to increase the facility size to $450 million and/or equivalent in Euros.
The loan has given the bank the opportunity to broaden and diversify its funding base, develop new bank relationships and strengthen existing ones.
The proceeds will be used to expand its financing activities in Turkey.
