Noor Islamic Bank has completed Islamic market mandates valued at over $2.2bn (Dhs8bn) in the past two years in Turkey, cementing its position as the leading UAE bank executing Shari'a compliant syndicated facilities in Turkey. In its latest foray into the Turkish market, the bank, as an initial mandated lead arranger and joint bookrunner, successfully closed a $350m equivalent dual-currency Murabaha facility for Türkiye Finans Katilim Bankasi. Launched at $150m, the syndicated loan was oversubscribed by more than 2.5 times. Over the past nine months Noor Islamic Bank has also been the initial mandated lead arranger and joint bookrunner for a $325m facility for Bank AYSA; a $75m facility for HALK Leasing and a $350m facility for Al Baraka Turk Bank. In total, 85 banks across Asia, Middle East, Africa and Europe have participated in the syndicated commodity Murabaha financing deals led by Noor. Hussain Al Qemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank said: "The fact that more than 85 financial institutions from 26 countries participated in these facilities, led by Noor, reflects the quality of the transactions and are a strong endorsement of our international financial expertise. We are the only arranger bank in these deals that does not have on the ground presence in Turkey and yet, we have still been able to successfully lead multi-billion dollar cross border mandates." Noor Islamic Bank is confident of closing further Islamic finance mandates for Turkish financial institutions and large corporations before the end of the year and is actively looking to bring Turkish institutions to the global Sukuk market. Press Release
