Dubai Islamic Bank makes shock Shariah exit from Albaraka Türk loan
In an unexpected move, Dubai Islamic Bank (DIB) pulled out of Albaraka Türk’s latest $450m murabaha loan because it did not think the loan was Shariah compliant, according to two bankers on the deal.
The two bankers said DIB did not view the loan as appropriately Shariah-compliant and stepped away from its role as a mandated lead arranger. One of the bankers said this happened about two weeks ago.
“It was a total surprise for us,” he said.
Neither banker was able to specify
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