Al Baraka Turk plans $250m Islamic loan
Dubai, August 23, 2010
The Turkish subsidiary of Bahraini Islamic lender Al Baraka has mandated banks for a $250 million sharia-compliant facility, the chief executive of the parent company said on Sunday.
'We'll be signing it on September 15,' Adnan Yousif, chief executive of Al Baraka, told reporters.
The lead arrangers of the murabaha facility for Al Baraka Turk are Standard Chartered, Lebanon's Blom Bank and a subsidiary of Bahrain's Arab Banking Corporation, Yousif said.
The facility will be used for general corporate purposes, he added. – Reuters