UAE- Noor Islamic Bank Does $2.2 Billion Syndicated Business in Turkey 

(MENAFN - Qatar News Agency) Noor Islamic Bank has completed Islamic market mandates valued at over 2.2 billion (Dhs8 billion) in the past two years in Turkey, cementing its position as the leading UAE bank executing Shari'a compliant syndicated facilities in Turkey.

In total, 85 banks across Asia, Middle East, Africa and Europe have participated in the syndicated commodity Murabaha financing deals led by the bank.

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.

Established in 2007 in Dubai, Noor Islamic Bank is a Shari'a compliant commercial bank with a paid-up capital of AED 3 billion. It delivers a full range of banking, investing, financial and risk management products and services for its individual clients, small and medium sized businesses, corporations and government institutions.