Name of borrower: DenizBank
Amount: $284 million
Tenor: Unspecified
Underwriters: Emirates NBD Capital, Emirates Islamic Bank, Ajman Bank
Date: September 2023
DenizBank’s $284 million dual-currency commodity-murabaha term-loan facility wins most innovative Islamic deal in Turkey this year.
The deal, arranged by Emirates NBD, incorporated an exclusive shariah structuring and represented the first Islamic loan in Turkey for a conventional entity.
The borrower will use proceeds from the deal to finance its general trade activities and for investments in both present and future shariah-compliant sukuk portfolios.
The transaction was well received in the market, attracting participation from seven banks. It paved the way for other conventional banks to explore Islamic liquidity options.