Mubasher: Al Baraka Banking Group said that the value of Al Baraka Turk Participation Bank’s banking facility Murabaha stands at $213 million, according to a bourse statement issued on Wednesday.
This Murabaha loan is earmarked for expanding Al Baraka Turk’s business in Turkey, as part of collecting a total of $150 million from a consortium of banks, including Al Baraka Islamic Bank, Dubai Islamic Bank, Emirates NBD, and Qatar Islamic Bank.
This banking facility will mature in 370 days, with a profit margin standing at 125 basis points per annum for three months, the statement noted.
