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Al Baraka Banking Group’s Turkey subsidiary strengthened

The Bahrain All-Share Index slipped 0.20% to 1,194.88 points on Sunday. Al Baraka Banking Group closed even at $0.725. Earlier in the day, the oldest Islamic bank in the Kingdom of Bahrain said that its Turkish subsidiary, Al Baraka Turk Participation Bank, had concluded a syndicated Sharia compliant Murabaha financing, raising a total of $196m and EUR 175.5m. A total of 23 banks from 15 countries participated in the facility, managed by the lead arrangers Standard Chartered Bank, Noor Islamic Bank (Dubai), ABC Islamic Bank (Bahrain), Barwa Bank (Qatar) and Emirates NBD Capital (Dubai). Al Baraka Turk Participation Bank has 138 branches spread all over Turkey, employing 2,878 staff as of the end of June 2013.