Albaraka Türk Katılım Bankası A.Ş. ("Albaraka Türk") has mandated ABC Islamic Bank (E.C.), Al Hilal Bank PJSC, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital Limited ,, Noor Islamic Bank PJSC and Standard Chartered Bank (together the "Initial Mandated Lead Arrangers" and the "Bookrunners") to arrange a US$ 250 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility (the "Facility") on its behalf. Financing under this Facility will be used by Albaraka Türk to expand its financing activities in Turkey. The Facility has a tenor of one year and carries a profit rate of 200 bppa over the relevant LIBOR/EURIBOR.
The facility was launched into general syndication on 19 July 2012, with banks from across the globe invited to participate in the Facility.
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About Albaraka Türk Katılım Bankasi A.Ş.
Albaraka Türk is amongst the first financial institutions and one of the pioneers in the field of interest-free banking. It completed its establishment in 1984 and commenced operations in the beginning of 1985. Albaraka Türk is currently rated "BB" with negative outlook by S&P and "BB" with stable outlook by JCR Eurasia Rating.
Albaraka Türk continues its operations in compliance with the Law of Banking numbered 5411. Albaraka Türk was founded by Albaraka Banking Group (ABG), one of the prominent groups of the Middle East, Islamic Development Bank (IDB) and Alharthy Family, which served the Turkish economy for more than half a century. As of March 31, 2012, the share of the foreign partners is 66.16%, the share of the native partners is 11.06% and the share of public is 22.78% in the ownership structure of Albaraka Türk.
Albaraka Türk commenced banking with the vision of becoming the best participation bank in presenting financial products and services in the Gulf, Middle East and South Africa, where its main partner Albaraka Banking Group operates. At the end of March 2012, Albaraka Türk has been operating with 130 branches all over the country, 54 of which are in Istanbul and 76 of which are in the prominent industry and trade centres of Turkey. It also has an overseas branch in Erbil, Northern Iraq, which started its activity in May 2011.
As a prominent participation bank in Turkey, Albaraka Türk enjoys a market share of 18.00% in the participation banking segment by asset size as of 31-Mar-2012. Albaraka Türk's balance sheet grew by 19.61% in 1Q-2012 with total assets of TRY 10.308 Billion as at 31-Mar-2012 compared to TRY 8.617 Billion as at 31-Mar-2011. As of 31-Dec-2011, Shareholders' equity stood at TRY 1.004 Billion, recording an increase of 17.8% over 2010. As at 31-Mar-2012, Shareholder's equity stood at TRY 1.044 Billion.
© Press Release 2012
