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Albaraka Turk secures $213mln Islamic loan

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer
April 19 (Reuters) - Turkish Islamic lender Albaraka Turk has secured a $213 million murabaha-based loan syndication, up from the $150 million it initially sought, the bank said in a statement.

The bank said the profit margin for the 370-day sharia-compliant facility was 125 basis points over three-month LIBOR.

The lender had appointed ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital Ltd, Qatar Islamic Bank and Standard Chartered Bank to arrange the transaction.

The bank is a unit of Bahrain-based Al Baraka Banking Group, which is also planing to issue dollar-denominated Islamic bonds, or sukuk, according to banking sources.

(Reporting by Bernardo Vizcaino; Editing by Amrutha Gayathri) ((Bernardo.Vizcaino@thomsonreuters.com; Telf: +61293218168; Reuters Messaging: bernardo.vizcaino.thomsonreuters.com@reuters.net))

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