Connecting intelligence with intelligence

×
×
Advertisement

Apr 06 2011

Noor Islamic Bank Successfully Closes US$300-million Structured Murabaha Syndicated Facility for Bank Asya

Facility is Noor's Third Transaction in Turkey
Istanbul-Turkey: 6 April, 2011 - Noor Islamic Bank , as Initial Mandated Lead Arranger and Book Runner with ABC Islamic Bank (E.C.), National Bank of Abu Dhabi PJSC and Standard Chartered Bank, has successfully closed a US$300-million dual currency Islamic structured Murabaha Syndicated Facility (the "Facility") for Bank Asya, one of Turkey's leading Islamic banks.

The announcement marks Noor Islamic Bank 's second successful transaction for Bank Asya and the third for a Turkish bank in the last 12 months.

Despite challenging and uncertain regional market conditions, the Facility was substantially oversubscribed reflecting the international financial community's continuing confidence in the Turkish economy and banking sector. The Facility saw the participation of 26 international banks from across 19 different countries.

Hussain AlQemzi, CEO, Noor Islamic Bank and Group CEO, Noor Investment Group , said: "This is Noor Islamic Bank 's third successful joint syndication outside its local boundaries, which marks the strong endorsement of our international Shari'a compliant financial expertise. We will continue to seek strategic opportunities beyond the UAE and leverage our world class footprint and expertise in the Shari'a compliant finance sector."

Noor Islamic Bank was previously ranked by Bloomberg as number one on the list of mandated Lead Arrangers in Islamic finance in the UAE and number three on the list of leading Islamic finance Book Runners in the UAE. Simultaneously, Noor was previously ranked number one by Thomson Reuters on the list of Islamic finance Lead Arrangers and Book Runners in the UAE.

- Ends -

About Noor Islamic Bank
Established in 2007 in Dubai, Noor Islamic Bank is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalized services. Noor Islamic Bank 's products and services are governed by a Shari'a Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has locations across the UAE in the Emirates of Abu Dhabi, Dubai, Sharjah, and a representative office in Tunisia which is managed out of Dubai. For further details, please visit: www.noorbank.com or call 800NOOR(6667).

For media enquiries, please contact:
Mohamed Tahboub
Associate Director, Finance Practice
JiWin Public Relations
An APCO Worldwide Company
Tel: +9714 3613598
Mob: +97150 157 6868
Email: Mohamed.tahboub@jiwin.ae

© Press Release 2011


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X