NIB closes $300m Murabaha facility for Bank Asya

Istanbul, April 6, 2011

Dubai-based Noor Islamic Bank, as initial mandated lead arranger and book runner with ABC Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Bank, has closed a $300-million dual currency Murabaha facility for Turkey’s Bank Asya.

The announcement marks Noor Islamic Bank’s second successful transaction for Bank Asya and the third for a Turkish bank in the last 12 months.

The facility saw the participation of 26 international banks from across 19 different countries.

“We will continue to seek strategic opportunities beyond the UAE and leverage our world class footprint and expertise in the Shari’a compliant finance sector,” stated Hussain AlQemzi, CEO, Noor Islamic Bank and group chief, Noor Investment Group.

Noor Islamic Bank was previously ranked by Bloomberg as number one on the list of mandated lead arrangers in Islamic finance in the UAE and number three on the list of leading Islamic finance book runners in the UAE. Simultaneously, Noor was previously ranked number one by Thomson Reuters on the list of Islamic finance lead arrangers and book runners in the UAE, a statement said.-TradeArabia News Service

Tags: investment | Turkey | finance | Murabaha facility | Noor Islamic Bank | Bank Asya |