Tatarstan’s Ak Bars opens Islamic market to CIS issuers
Ak Bars Bank has become the first Russian financial institution to achieve a Sharia-compliant international financing, closing a $60m debut syndicated murabaha (asset sale and purchase) after attracting around $100m of orders. Tatarstan’s leading bank priced the one-year deal at Libor plus 230bp — roughly in line with Ak Bars’ international borrowing levels and competitive with secondary trading.
Citi and the Islamic Corporation for the Development of the Private Sector (ICD) acted as joint lead arrangers and bookrunners for the deal. Citi Islamic Investment Bank was documentation agent, while Eurasian Development Bank acted as mandated lead arranger.
"This is a significant transaction as it sets up a
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.