Business | Banking

Noor Islamic closes deal on dual currency facility

Noor closes $300 million deal on syndicated facility for Bank Asya

  • Staff Report
  • Published: 00:00 April 7, 2011
  • Gulf News

Istanbul: Noor Islamic Bank, as initial mandated lead arranger and book runner with ABC Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Bank, has closed a $300 million (Dh1.1 billion) dual currency Islamic structured Murabaha syndicated 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 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 in 19 countries.

Strong endorsement

Hussain Al Qemzi, CEO of Noor Islamic Bank and Group CEO of 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 Sharia-compliant financial expertise."

"We will continue to seek strategic opportunities beyond the UAE and leverage our world class footprint and expertise in the Sharia 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.

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