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)
---Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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