Dubai: Noor Islamic Bank yesterday said it has jointly closed $240 million (Dh881 million) Murabaha syndication for Turkey's Albaraka bank.
The Murabaha syndication facility has been realised with the participation of 22 banks and financial institutions from 14 countries, led by Noor Islamic Bank, Standard Chartered Bank and ABC Islamic Bank.
The maturity of the fac-ility is determined as one year.
The agreement on the availability of the credit reaching a volume of $98 million and 108.5 million euros was signed in a cere-mony attended by the directors of the leading and participating banks of the consortium.
Fahrettin Yahi, General Director of Albaraka, said that they had used the syndication finance market for the first time.
He added: "As known, the resource structure of our bank is currently based on fund collection. Now, with the Murabaha syndication finance, Albaraka offers to Turkish entrepreneurs a credit facility with favourable conditions and prices.
"This new period enables our bank to work with a new customer base and different sectors."
Speaking on the occasion of the signing ceremony in Turkey, Hussain Al Qemzi, Group CEO of Noor Investment Group and Noor Islamic Bank said: "It gives us great pleasure to have successfully completed this joint dual currency Islamic finance syndicated facility for Albaraka. The fact that the facility has been realised by 22 banks and financial institutions, from 14 countries, reflects [on] the quality of the transaction, and is testament to the confidence that the global financial community has in the Turkish economy and financial system."
This joint successful syndication by Noor Islamic Bank, outside its local boundaries, reflects its strong international Sharia compliant financial expertise.
Phones for purchases
RAKBANK customers can get a Nokia 1800 free upon purchasing selected phones made with a RAKBANK credit or debit card, the bank said in a statement.
Running until the end of November, the RAKBANK promotion can be used when customers purchase one of the following Nokia handsets - N900, N97, N97 Mini, N97 Gold, and X6 (16 GB) - at any of the eight Nokia stores located in BurJuman Mall, Dubai Mall, Mall of the Emirates, Mirdif City Centre, Abu Dhabi Marina Mall, Khaldiyah Mall and Al Ain Bawadi Mall.
RAKBANK currently provides six variants of credit cards to its customers, including the RAKBANK Titanium MasterCard credit card, as well as two debit cards, all of which are free for life with no annual fees. The credit cards also come with a cashback feature of up to five per cent on international transactions and up to three per cent on domestic purchases, in addition to dining and hospitality discounts, ongoing promotions, and a chance to win Dh1 million every six months.
The bank's credit and debit cards provide customers with convenient and instant access to funds anywhere in the world, and can be used at all ATMs and merchants that accept MasterCard, UAESWITCH or GCCNET cards.
