Al Baraka plans Islamic bond issuance of over USD 200 million
The Turkish unit of Al Baraka Bank would be issuing over USD 200 million in Islamic bonds. Executive Vice President of Al Baraka Bank Ayhan Keser told Reuters that the bond or sukuk issuance would happen sometime in the last quarter of 2013 or early next year. Keyser also said the schedule for issuance would be dependent on market conditions. He also said that the Islamic bonds they would issue would most likely have a five-year maturity.
Formed in 2002, the Al Baraka Banking Group has headquarters in Manama, Bahrain. It is listed in the Bahrain Stock Exchange as well as in the Nasdaq Dubai. The banking group providese banking services in the retain, corporate and investment sector. It strictly adheres to the principles of the Sharia in the conduct of its business.
Al Baraka currently operates in twelve countries. Aside from Bahrain and Turkey, it also has branches in Jordan, Indonesia, Pakistan, Syria, Lebanon, Tunisia, Algeria, South Africa, Sudan and Egypt.