Turkey: New sale of five year sukuk securities by Kuveyt Turk bank

Istanbul based Kuveyt Turk , which is owned by Kuwait Finance House KSC, could sell more than $100 million in five year sukuk securities, after a similar sized sale in August that was the first in Turkey since Islamic bonds were allowed on the market.  Sukuk bonds...

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 E-mail article  Print  Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά  Text

Turkey: New sale of five year sukuk securities by Kuveyt Turk bank



bne - 31.08.2010

Istanbul based Kuveyt Turk , which is owned by Kuwait Finance House KSC, could sell more than $100 million in five year sukuk securities, after a similar sized sale in August that was the first in Turkey since Islamic bonds were allowed on the market. 

Sukuk bonds are Islamic certificates that have been introduced since fixed income, interest bearing bonds are not allowed in Islam as one is not supposed to receive income from money itself. In Islam money is considered a measure of value, but not an asset in of itself. 

Estimates are that there are $1.2 trillion worth of assets being managed according to Islamic investment principals. Sukuk bonds just earlier this month entered the ISE though they are listed on the London Stock Exchange and the Luxembourg Stock Exchange, for example. 

"We€™re targeting investors from the Middle East, Europe and Asia," Kuveyt Turk CEO Ufuk Uyan. said Wednesday. "Everyone was expecting a sovereign sukuk security from the Treasury, but we wanted to pave the way as a bank."

Islamic bond offerings may accelerate in the next 18 months, led by countries new to the market, according to Mohamed Damak, a Paris-based credit analyst at Standard & Poor€™s interviewed by Hurriyet Daily News. It may reach about $30 billion this year as the global economy recovers and countries build infrastructure, Kuwait Finance House, the nation€™s biggest Islamic bank, said Aug. 22. Global sales of sukuk securities have fallen 13 percent to $10.1 billion so far in 2010, according to data compiled by Bloomberg.

Turkey allowed companies to issue debt in accordance with Islamic finance rules in April. The government is considering changes to its taxation laws to encourage more sales, said Osman Akyz, secretary-general of the Association of Participation Banks.

Kuveyt Trk earlier this month raised $100 million from the sale of three-year Islamic notes maturing in August 2013. Investors from the Middle East, Europe and Asia demanded one-and-a-half times the notes available for the 5.25 percent sukuk securities, Uyan said.

"There was also good acceptance from the Turkish public," he said. bne http://www.businessneweurope.eu/


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