Albaraka Türk secures $250m funding

Albaraka Türk has authorized a number of leading banks to arrange a a $250 million dual-currency syndicated finance facility. This facility shall be used for the expansion of Albaraka Türk's financing activities in Turkey. The tenor of the facility is one year and its profit rate is of 200 bppa over the Libor/Euribor. Among the participating banks are ABC Islamic Bank, Al Hilal Bank, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital, Noor Islamic Bank and Standard Chartered Bank.