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Russia’s Ak Bars Bank closes debut Murabaha financing
23 September 2011
Russia’s Ak Bars Bank has successfully closed its debut Islamic financing trade facility arranged by commercial and multilateral institutions.
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Ak Bars Bank
Russia
syndicated murabaha financing
sharia'ah
Citi
Islamic Development of the Private Sector
Islamic Development Bank
Russia’s Kazan-headquartered Ak Bars Bank has successfully closed a one-year syndicated Murabaha financing for the total amount of $60 million.
The Murabaha facility is the first international facility compliant with Shari’ah requirements arranged for a Russian financial institution and is in line with the Islamic finance initiative announced by Tatarstan Republic earlier this year.
The financing was arranged by Citi together with the Islamic Corporation for the Development of the Private Sector (ICD), acting as exclusive joint coordinating mandated lead arrangers and bookrunners. ICD is a multilateral organisation, affiliated...
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