Noor Islamic Bank executes $1.4b mandates in Turkey

Dubai: Noor Islamic Bank has completed Islamic capital market mandates valued at over $1.4 billion (Dh5.14 billion) in the past six months in Turkey, cementing its position as the leading GCC bank executing Shari’a compliant syndicated facilities in Turkey.

In its latest foray into the Turkish market, as an initial mandated lead arranger and joint bookrunner, Noor successfully closed a $500 million equivalent dual-currency Murabaha facility for Türkiye Finans Katilim Bankasi. Launched at $250 million, the syndicated loan was oversubscribed two times.

The facility, which saw the participation of 28 banks from across the globe, was structured as a Shari’a compliant dual currency, dual tranche facility with tenors of one year and two years.

Over the past six months, Noor Islamic Bank has also been an initial mandated lead arranger and joint bookrunner for a $382 million dual currency Murabaha Facility for Asya Katilim Bankasi (Bank Asya) and a $500 million Sukuk for Tukiye Finans Katilim Bankasi A.S.

In total, 85 banks and financial institutions across Asia, Middle East, Africa and Europe have participated in the syndicated financing deals led by Noor this year.