$75m Murabaha facility for Turkish bank
Manama, February 18, 2010
ABC Islamic Bank, along with Noor Islamic Bank and Standard Chartered Bank, have been mandated by Turkey’s Bank Asya to arrange a $75 million (and/or equivalent in Euros) syndicated dual currency Murabaha financing facility.
The facility which offers a profit margin of 225bps over the applicable benchmark has been structured as a Shari’a compliant dual-currency facility with a one-year tenor.
Proceeds will be used to fund Bank Asya’s Islamic trade finance activities.
Bank Asya was established in 1996 in Istanbul and operates in accordance with the principles of interest-free banking.-TradeArabia News Service
More Finance & Capital Market Stories
- Kuwait budget surplus may hit $52 billion
- Peru road shows target Mideast markets
- EFG Hermes Q1 net profit up 27pc
- ADCB sells $300m of subordinated bonds
- Standard Chartered’s credit card wins award
- Emirates NBD seals Dubai tower deal
- Dar Al Arkan raises $450m from sukuk sale
- Barclays advises on equities over bonds
- World Bank boosts funds for Syria refugees
- Doha Bank sets $1.5bn to fund Emirati SMEs