BLME in $100mn Turkish financing

by Daniel Stanton Thursday, 13 September 2007

The Bank of London and the Middle East (BLME), a UK-based Shariah compliant bank, today announced that it has acted as lead arranger in a $100 million murabaha financing in Turkey.

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The obligor is Turkiye Finans Katilim Bankasi (TFKB), the 12th largest private bank in Turkey and the largest participation bank in the country in terms of total loans, deposits and branch network.
The murabaha facility has a two-year maturity and a profit rate fixed at 70 basis points over LIBOR (London Interbank Offered Rate) per annum. It will support TFKB, which has more than $6 billion in assets, in its efforts to restructure its capital.

BLME was the Lead Arranger and second largest participant, providing $10 million of finance.

"The completion of such a large and relatively complex deal is testament to BLME's considerable expertise and our role as Lead Arranger is indicative of the recognition we have received in the marketplace for the strength of our business proposition and the quality of our team," said Humphrey Percy, CEO of BLME.

"The completion of this transaction is particularly pertinent given the current climate of economic unease and market turbulence and sends a positive signal about the strength of opportunities available in Islamic finance."

BLME was launched in July this year, and this is its first participation in a murabaha financing.

The bank is focused on four main business lines: Islamic treasury and financial institutions, corporate banking, private banking and investment management, and investment banking.



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