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