ISTANBUL: Turkish Islamic lender Bank Asya said on Thursday it had secured a $380 million syndicated Islamic loan from 28 banks.
The lender said in a statement that the the facility carries a profit rate of 125 basis points over the relevant benchmark.
The syndicated loan comprises a $230.5 million tranche and a 115.3 million euro segment, and is structured as a murabaha facility.
Under a murabaha structure, a financial institution agrees to purchase merchandise for a client and the client promises to buy it from the institution at an agreed mark-up. (Reuters)
