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Publish Date : 18-Sep-2012

Al Baraka Banking Group\'s subsidiary banking unit Al Baraka Turk Participation Bank, has reached a milestone with its success in completing the largest Islamic finance deal in the history of Islamic banking in Turkey worth $450m with the involvement of a syndicate of major global banks.

Following the two successful deals for $240m in 2010 and $350m in 2011, Albaraka Turk has now succeeded in concluding a Murabaha Syndication Facility in dual currencies with a breakdown of $293.2m and EUR124.5m for a total dollar equivalent of $450m with participation from 32 banks of 16 countries. This facility will be used to diversify financial sources and boost its role in the Turkish market. The Facility has been arranged as a Shari\'ah-compliant Murabaha facility with a tenor of one-year. The profit margin is three-month LIBOR/EURIBOR + 200 basis points annually.

The 32 banks from 16 countries which took part in the facility, include Standard Chartered Bank, Noor Islamic Bank PJSC, ABC Islamic Bank (E.C.) and Emirates NBD. Bank Islam Brunei Berhad Darussalam and Al Hilal Bank served as Mandated Lead Arrangers.

Chairman of the Board of Directors of Albaraka Turk Participation Bank and President & CEO of Al Baraka Banking Group, Adnan Ahmed Yousif, stated : \"We are very delighted to great success of the Murabaha Syndication deal of the bank this year, and this provides further evidence of the bank\'s distinctive reputation and position in the Turkish market, based on the strong financial position and the growing financial performance over the previous years, and it is also a global certificate of the distinctive reputation and prestige, which ABG enjoys regionally and globally.\"

Member of the Board of Directors and General Manager of Albaraka Turk Participation Bank, Fahrettin Yahsi, stated : \"With the continuing and steady growth of Al Baraka Turk Participation Bank over the past decade, the Bank has now passed the threshold of a small bank and can be said to qualify as a major player in the Turkish market. Therefore, we constantly resort to strengthen and diversify our financial resources that allow us to play this role relying on the strength and integrity of our financial performance, and our ability to adapt to the current difficulties, and thus gaining excellent reputation in the Turkish market, which is our main focus, because of the diversity and abundance of economic activities and huge promising opportunities that it offers.\"

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