Leading international and regional banks have signed a deal to arrange dual-currency syndicated Murabaha facility of $201 million and 96.5 million euros for Turkish bank Asya Katılım Bankası to help fund its regional expansion.

Leading players ABC Islamic Bank, Emirates NBD Capital, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered were the initial mandated lead arrangers and the bookrunners for the transaction.

Launched at $200 million, the facility was oversubscribed to close at $325 million equivalent with participation from 28 banks from across the globe.

Istanbul-based Asya Katılım said the facility carries a profit rate of 200 bppa over the relevant benchmark. The proceeds from the facility will be used by the bank to expand its financing activities in Turkey.

The facility was signed on Monday and a major commemorative event is being held in Istanbul on April 19 to mark the occasion.

Bank Asya is the largest amongst the four ‘participation banks’ currently operating in Turkey. It represents 1.4 per cent of total Turkish banking system assets (ranking 13th among 48 banks) and 1.8 per cent of total deposits (ranking the 12th) at end of 2011.-TradeArabia News Service