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Citigroup Inc. has plans to arrange further sales of sukuk, or Islamic bonds from Turkey after managed a $100 million issue for Kuveyt Turk Katilim Bankasi AS , according to Bloomberg.
Hulusi Horozoglu, director of global Islamic banking at Citigroup, in an e-mail to Bloomberg said that Citigroup is having talks with other potential sellers of Shariah-compliant debt in the country.
Global sukuk offerings may accelerate in the next 18 months, according to Mohamed Damak, a Paris-based credit analyst at S&P.
Total sales by reach $30 billion this year, according to Kuwait Fiance House.
Turkey's government is considering selling sukuk "in the future," Finance Minister Mehmet Simsek said in an interview with Bloomberg HT television on Aug. 25.
"We believe there is significant appetite for sukuk issuances, both on the issuer and investor sides, and we would expect to see greater volumes going forward," Horozoglu said. "A key driver for this market will be the growth in Islamic banking at the retail level, which has shown tremendous growth over the preceding few years." bne http://www.businessneweurope.eu
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