Record Islamic finance deal agreed in Turkey

Al Baraka.

Al Baraka Turk Participation Bank, the Turkish subsidiary of Bahrain-based Al Baraka Banking Group, has concluded a record Islamic finance deal in Turkey worth $450 million with the participation of a group of major international banks.

Thirty-two banks from 16 countries covering the main financial centres in the world took part in the facility, including Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD.

Bank Islam Brunei Berhad Darussalam and Al Hilal Bank were nominated as mandated lead arrangers.

"The success of the murabaha syndication deal of the bank this year, 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," said Al Baraka Banking Group chairman and chief executive Adnan Ahmed Yousif.