Turkey turns to banks in the UAE to issue sukuk


Turkey turns to banks in the UAE to issue sukuk


Istanbul Stock Exchange

On Monday, a document showed that Turkey has appointed a group of banks to arrange a planned standard-size issuance of five-year dollar-denominated sukuk.

The document issued by one of the banks involved in the operation showed that Turkey had appointed Dubai Islamic Bank, Emirates NBD Capital, HSBC and Standard Chartered to manage the issue.

Standard & Poor’s predicted that growth in Turkey this year would be slow, mainly driven by Islamic banks.

According to official data, Turkey collected the equivalent of $7.82 billion in the first seven months of 2020, including $4.31 billion in Ijara bonds, $2.42 billion through lease certificates from the Turkish Treasury in dollars, and $591.1 million through lease certificates. Euros from the Turkish treasury.

Source: Reuters + RT


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