Kuveyt Turk's sukuk issue profit rate 6 pct-bankers

ISTANBUL Wed Oct 19, 2011 6:06am EDT

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ISTANBUL Oct 19 (Reuters) - Kuwait Finance House's Turkish unit Kuveyt Turk's $350 million sukuk issue initial profit rate is around the 6 percent area, bankers told Reuters on Wednesday.

Last year, the Capital Markets Board of Turkey (SPK), the regulatory and supervisory authority in charge of the securities markets, published a statement setting the legal ground for sukuk issues by Turkish companies.

Turkey, which is careful to preserve its secular stance on politics and finance, refers to sukuks as participation certificates and Islamic banks are called participation banks. (Reporting by Nevzat Devranoglu)

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