International legal practice Norton Rose (Middle East) LLP has advised Citibank as arranger in relation to a US$300,000,000 dual tranche Murabaha syndicated facility for Turkiye Finans Katılım Bankası A.S., an Islamic bank in Turkey 60% owned by the National Commercial Bank of Saudi Arabia. It is the largest Islamic syndication in Turkey to date.

The initial transaction size was US$120,000,000 and was increased to US$300,000,000 due to high interest from banks in Europe, Middle East and Asia.  A total of 20 investors joined the Turkiye Finans syndication including leading banks from Brunei and Malaysia who are participating in a syndication of this type in Turkey for the first time.

Anthony Pallett, partner at Norton Rose (Middle East) LLP commented: “We are delighted to have assisted Citibank on the largest Islamic syndication to date in Turkey.  This shows the increasing importance of Islamic finance in Turkey and follows on from the first Turkish Sukuk issuance last year by Kuveyt Türk Katılım Bankası, on which Norton Rose (Middle East) LLP also advised.”

The Norton Rose (Middle East) LLP transaction team was led by partner Anthony Pallett with assistance from associate Ahmet Kalafat and trainee Najat Al-Ismaily.

Norton Rose (Middle East) LLP has a highly experienced Islamic finance practice team based in the region with extensive experience in advising and documenting numerous types of instruments both conventional and Islamic.  Norton Rose (Middle East) LLP frequently acts for large financial institutions as well as high profile corporates and sovereign entities.