Dubai-based Noor Islamic Bank said it has completed Islamic capital market mandates worth over Dh5.14 billion ($1.4 billion) in the past six months in Turkey, thus cementing its position as the leading GCC bank executing Shari’a compliant syndicated facilities in the country.

In its latest foray into the Turkish market, as an initial mandated lead arranger and joint bookrunner, Noor successfully closed a $500 million equivalent dual-currency Murabaha facility for Türkiye Finans Katilim Bankasi, said the Islamic lender in a statement.

Launched at $250 million, the syndicated loan was oversubscribed two times.

The facility, which saw the participation of 28 banks from across the globe, was structured as a Shari’a compliant dual currency, dual tranche facility with tenors of one year and two years, it stated.

Over the past six months Noor Islamic Bank has also been an initial mandated lead arranger and joint bookrunner for a $382 million dual currency Murabaha Facility for Asya Katilim Bankasi (Bank Asya) and a $500 million sukuk for Tukiye Finans Katilim Bankasi.

In total, 85 banks and financial institutions across Asia, Middle East, Africa and Europe have participated in the syndicated financing deals led by Noor this year, the bank said in its statement.

Noor Islamic Bank is confident of closing further Islamic finance mandates for Turkish financial institutions and large corporations before the end of the year and is actively looking to bring Turkish institutions to the global sukuk market, it added.-TradeArabia News Service