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.

  • 16 Sep 2011

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 ...

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