AlBaraka Turk Katılım Bankası A.S. ("AlBaraka Turk") has mandated ABC Islamic Bank (E.C.), Barwa Bank QSC, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, Kuwait International Bank and Standard Chartered Bank (together the "Initial Mandated Lead Arrangers" and the "Bookrunners") to arrange a US$ 400,000,000 (and/or equivalent in Euros) Syndicated Murabaha Financing Facility (the "Facility") on its behalf.
The Facility has been structured as a Shari'a compliant US Dollar and EURO dual currency, dual tranche Murabaha facility with tenors of 367 days and 2 years 3 days.
Proceeds of the Facility will be used to finance AlBaraka Turk's financing activities. The proposed Facility is expected to broaden and diversify its funding sources, establish new bank relationships and further strengthen existing ones.
Syndication was launched on 3August 2015, with banks from across the globe invited to participate in the Facility.
About AlBaraka Turk Katılım Bankasi A.S.
AlBaraka Turkwas founded by AlBaraka Banking Group (ABG), Islamic Development Bank (IDB) and the Alharthy Family. It completed its establishment in 1984 and commenced operations in the beginning of 1985as one of the pioneers in the field of interest-free banking. AlBaraka Turk is currently rated "BB" with negative outlook by S&P and "BBB-" with stable outlook by JCR Eurasia Rating. As at 31st March 2015, the ownership structure of AlBaraka Turk is as follows: international shareholders 66.10%, local shareholders 9.84%and 24.06% is publicly traded on Borsa Istanbul.
AlBaraka Turk commenced banking with the vision of becoming the best participation bank in presenting financial products and services. At the end of March 2015, AlBaraka Turk had 206 branches, 86 of which are in Istanbul, 120 in the prominent industry and trade centres of Turkey and one overseas office in Erbil, Northern Iraq, which started activities in May 2011.
At 31st March 2015, AlBaraka Turk recorded a market share of 23.1% within the participation bank sector by asset size. Its balance sheet grew by 39.3% with total assets of TRY24,817 million compared to total assets of TRY23,046 million as of December 2014. Shareholders' equity as of March 2015 was TRY1,814 million, an increase of TRY24 million against December 2014.
© Press Release 2015
