RUSSIA: AK BARS Bank has closed a one-year international Murabahah financing worth US$60 million to fund its Islamic financing activities in Tatarstan and other regions in Russia.
The financing is the first international Shariah compliant facility arranged by a Russian financial institution.
Citibank and the Islamic Corporation for the Development of the Private Sector acted as joint lead arrangers and bookrunners for the financing. Citi Islamic Investment Bank served as the documentation agent, while Citibank International was the investment agent.