Albaraka, the pioneer of the Turkish participation banking, obtained Murabaha syndication facility of 240 million US dollars in total. The Murabaha syndication facility has been realized with the participation of 22 banks and financial institutions from 14 countries, led by Noor Islamic Bank, Standard Chartered Bank and ABC Islamic Bank. The maturity of the facility is determined as one year.
The agreement on the availability of the credit reaching a volume of $98 million and 108,5 million Euros was signed in a ceremony attended by the directors of the leading and participating banks of the consortium.
Fahrettin Yahşi, General Director of Albaraka, stated that they had used the syndication finance market for the first time and added: "As known, the resource structure of our bank is currently based on fund collection. Now, with the Murabaha syndication finance, Albaraka offers to Turkish entrepreneurs a credit facility with favourable conditions and prices. This new period enables our bank to work with a new customer base and different sectors".
Speaking on the occasion of the signing ceremony in Turkey, Hussain AlQemzi, Group CEO, Noor Investment Group and Noor Islamic Bank said: "It gives us great pleasure to have successfully completed this joint dual currency Islamic Finance Syndicated Facility for Albaraka. The fact that the Facility has been realized by 22 banks and financial institutions, from 14 countries, reflects the quality of the transaction, and is testament to the confidence that the global financial community has in the Turkish economy and financial system."