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Al Baraka Turk Murabaha totals $213m

Al Baraka Turk Murabaha totals $213m
Photo Credit: Arabianeye-Reuters
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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.