Al Baraka Bank to issue sukuk denominated bond
The Turkish unit of Al Baraka Bank is working on a US$200 million sukuk. This was confirmed by the Bahraini bank's General Manager Fahrettin Yahsi with Reuters last Wednesday.
Yahsi said that the sukuk is issued when market conditions would allow it and he added that the bank would be renewing its US$450 million value murabaha syndication at a higher volume towards the end of September.
The sukuk would be subordinated with a term of ten years.
Al Baraka Turk Participation Bank opened its doors to the public back in 1985.The Bahrain based bank operates through 121 branches throughout Turkey with one branch from Iraq. 51 branches are located in Istanbul and 71 in other leading cities throughout Turkey.
With the latest report submitted by Al Baraka Bank, its total assets are expected to be at 10% of the total value of the Turkish banking system's value by the year 2018.
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