News   

   2013
   
 

Al Baraka Turk Participation Bank concludes USD196 million and EUR175.5 million syndicated Murabaha financing

Al Baraka Banking Group announced that its Turkish subsidiary, Al Baraka Turk Participation Bank, had concluded a syndicated Sharia compliant Murabaha financing, raising a total of US$ 196 million and EUR 175.5 million.

A total of 23 banks from 15 countries participated in the facility, managed by the lead arrangers Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank (E.C.), Barwa Bank and Emirates NDB Capital. The syndicated murabaha facility is comprised of two tranches representing a total of US$ 61 million and Euro 77.5 million for a tenor of one year and US$ 135 million and Euro 98 million for a tenor of two years. The deal follows the earlier syndicated Murabaha financings raised by the bank in 2010, 2011 and 2012 that were in themselves significant amounts.

On this occasion, Mr. Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Turk Participation Bank and President & Chief Executive of Al Baraka Banking Group commented "We are indeed delighted at the success of the syndicated Murabaha financing deal as it endorses the strength of Al Baraka Turk Participation Bank in the international markets, especially at a time when the global financial markets and economic situation are so volatile. Furthermore it evidences the reputation of the bank in the Turkish market, on the back of a consistent and successful performance of the bank over the past many years".

For his part, Mr. Fahrettin Yahsi, Member of the Board of Directors and General Manager of Al Baraka Turk Participation Bank said "With the continuing and steady growth of Al Baraka Turk Participation Bank over the past decade, the Bank can be said to qualify as a major player in the Turkish market. Therefore, we constantly strive to strengthen and diversify our financial resources, duly endorsed by our financial performance and our ability to adapt to the current economic situation in the world markets. Besides it has helped usgain an excellent reputation in the Turkish market, which is our main focus, because of the diversity and promise of opportunities that it offers".

During the first half of 2013 the bank was successfully able to  expand its investment and financing portfolio, thanks to the strong resources and wide branch network, and yet at the same time focusing on strengthening the liquidity of the bank. As a result, the Bank's total operating income increased by 18.8% to TL 127.56 million (US$ 63.78 million) during the first half of the year 2013 compared with the same period of 2012. While net income was TL 100.09 million (US$ 50 million) during the first half of the year 2013, an increase of 16.37% compared with the same period of 2012.

As of the end of the first half of 2013, the Bank's assets grew by 15 % to TL 14.2 billion (US$ 7.4 billion) compared with December 2012. The Bank expanded its customer and deposit accounts by 16% to TL 12.3 billion (U.S. $ 6.4 billion) as of end June 2013 which financed a total of 87% of the Bank's total assets, reflecting the strong deposit customer base of the Bank. Shareholders' equity strengthened by 9% to reach a total of TL 1.3 billion ( US$ 693 million) at the end of June 2013.

The Al Baraka Turk Participation Bank has 138 branches spread all over Turkey, employing 2,878 staff at the end of June 2013 and is significant member of the Al Baraka Banking Group.

Al Baraka Banking Group is a Bahrain Joint Stock Company licensed as an Islamic wholesale bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.  It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion and is rated by Standard & Poor's at BB+ (long term) / B (short term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 1.9 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 450 branches.  Al Baraka currently has a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.

 

 

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