September 19 (SeeNews) - Turkish Islamic lender Albaraka Turk Katilim Bankasi [BIST:ALBRK] has signed a $430 million (318 million euro) syndicated Murabaha financing facility, Bahrain-based Arab Banking Corporation (ABC) said.
ABC Islamic Bank, Barwa Bank, Emirates NBD Capital Limited, Noor Islamic Bank PJSC and Standard and Chartered bank Plc were the lead arrangers and bookrunners for the syndicated Islamic facility, ABC said in a statement on Wednesday.
The facility, structured as a Sharia-compliant Murabaha facility in U.S. dollar and euro tranches with tenors of one and two years, was launched at $250 million but 23 institutions offered to lend Albaraka Turk a total of $430 million, ABC said in its statement.
Albaraka Turk, which is part of Bahrain's Albaraka Banking Group, will use the financing to enhance its financing activities in Turkey.
($ = 0.739 euro)