Bahrain-based Albaraka Banking Group (ABG) said its Turkish unit Albaraka Türk Katılım Bankas has successfully closed a $350 million dual-currency syndicated murabaha financing facility.

Several major banks including ABC Islamic, Emirates NBD, Noor Islamic and Standard Chartered acted as the initial mandated lead arrangers and the bookrunners for the transaction.

A prominent Islamic bank, ABG said the murabaha facility was aimed at raising funds for Albaraka Türk's expansion activities in the Arab country.

Launched at $150 million, the facility was oversubscribed to close at $350 million with participation from 25 banks from across the globe.

It is the largest Islamic Structured Murabaha syndicated financing ever raised by any Turkish financial institution till date, according to a ABG statement.

'The floating rate dual currency facility carries a profit rate of 150 bppa over the relevant benchmark,' the statement said.-TradeArabia News Service