Vakif Katalim Bank Closes $246 Million Murabaha

Vakıf Katilim has successfully closed a US$ 246,000,000 (equivalent) Dual Currency Syndicated Murabaha Financing Facility. The Facility was signed on 30 April 2018 and it is Vakıf Katilim’s debut transaction in the syndicated financing market. 

Bank ABC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, Kuwait International Bank K.S.C., Mashreqbank psc, Sharjah Islamic Bank PJSC, Standard Chartered Bank and Warba Bank K.S.C.P as the Initial Mandated Lead Arrangers and Bookrunners were appointed to arrange the Dual Currency Syndicated Murabaha Financing Facility which was launched at US$ 150,000,000 in general syndication.  Bank ABC acted as sole Coordinator and First Abu Dhabi Bank PJSC is the Investment Agent on the Facility. 

The Facility received a strong response from the market with 13 institutions participating from Bahrain, Kuwait, Saudi Arabia, United Arab Emirates, Albania and the United Kingdom. Due to the significant oversubscription, Vakıf Katilim decided to increase the facility size to US$ 246,000,000 (equivalent).

The Facility has been structured as a Shariah compliant Murabaha Facility with a 370 days tenor.

The Facility has given Vakıf Katilim the opportunity to broaden and diversify its funding base and develop new bank relationships. The proceeds will be used to expand its financing activities in Turkey.