AlBaraka Turk announced that they have mandated the bank for an arrangement of a US$250 million syndicated loan. The Turkish subsidiary of AlBaraka Bank said that they facilitate a structured two part deal. The bank said the proceeds for the arrangement will be used for the bank's financing needs.
AlBaraka Turk mandated Noor Islamic Bank, Dubai-based Emirates NBD, ABC Islamic Bank, Qatar's Barwa Bank, Abu Dhabi-based Al Hilal Bank and Standard Chartered were hired as the lead arrangers and book runners for the syndicated facility. Early part of this year, AlBaraka Turk raised US$200 million from the 10-year Islamic bond, also known as sukuk,
Albaraka Türk Katılım Bankası A.Ş., founded in 1984 in Istanbul, Turkey by the Bahraini Al Baraka Banking Group. The company commenced its commercial activities in 1985 as Albaraka Türk Özel Finans Kurumu. Albaraka Türk offers financial services to customers through its branches. They also act as Anadolu Hayat Emeklilik and Anadolu Sigorta agencies which sell private pension plans, insurance policies and other financial services.
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