Dubai-based Noor Islamic Bank has announced the successful closing of a $255 million dual currency Islamic structured Murabaha syndicated facility for Turkish Bank Asya, a leading Turkish bank in foreign trade.

Noor Islamic was a joint mandated lead arranger and bookrunner along with ABC Islamic Bank and Standard Chartered Bank for the dual currency ($121.5 million and euros 99.15 million) Islamic structured Murabaha syndicated facility.
 
With the participation of 26 international banks from across 16 different countries, Noor Islamic Bank was one of the top three banks appointed to run the transaction.

This joint successful syndication by Noor Islamic Bank outside of its local boundaries reflects its strong international Shari’a compliant financial expertise, said a statement from Noor Islamic.

Despite challenging Turkish market conditions, the facility was more than three times oversubscribed at $255 million against the launch amount of $75 million, the bnakl pointed out.

Bank Asya’s one year Facility is the first global Islamic murabaha arranged by any financial institution in 2010 and is also the largest Islamic murabaha syndication ever executed in Turkey.

Noor Islamic Bank was ranked by Bloomberg in 2008 as number 1 on the list of mandated Lead Arranger in Islamic finance in the UAE and number 3 on the list of leading Islamic finance Book Runners in the UAE.

Simultaneously, Noor was ranked number 1 by Thomson Reuters in 2008 on the list of Islamic finance Book Runners and Lead Arrangers.-TradeArabia News Service