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Wednesday 2 September 2015

Turkiye Finans, Albaraka Turk apply for lira sukuk

Aug 31 Turkish Islamic lenders Turkiye Finans Katilim Bankasi and Albaraka Turk have applied separately to issue Islamic bonds, or sukuk, according to Turkey's Capital Markets Board.
Turkiye Finans, a sharia-compliant lender which has a focus on loans to corporate clients, has applied to raise up to 1.5 billion lira ($513.2 million) through its wholly-owned unit, TF Varlik Kiralama.
No tenor or details of underlying assets were given for the deal, which could be sold as a public offering or to qualified investors.
Last month, sources told Reuters that Turkiye Finans was planning a dollar-denominated sukuk to bolster its supplementary capital.
Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has also applied to raise up to 1 billion lira through its asset-leasing company, Bereket Varlik Kiralama.

Earlier this month, Albaraka Turk mandated banks for an Islamic syndicated loan with a total initial amount of $400 million.
(Reuters / 31 August 2015)
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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