Albaraka Islamic financing roars home
Turkish Islamic bank Albaraka Türk Katilim Bankasi will sign its one year murabaha facility at $450m-equivalent, after demand from Middle East lenders new to the credit saw the deal oversubscribed by 80%. Syndication has closed and the deal is set to sign imminently.
Im amazed by this outcome, said a loans banker. Its a good indication of just how much dollar liquidity there is in the Gulf.
Albaraka launched the deal for $250m-equivalent at the end of July
. Lenders interest topped $460m but their commitments were slightly scaled back to
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