RPT/Albaraka Turk hopes to raise $200m in sukuk-CEO

Sun Dec 11, 2011 4:26am EST

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DUBAI Dec 11 (Reuters) - The Turkish unit of Bahrain's Albaraka Banking Group hopes to raise $200 million in an Islamic bond by the end of this week and is seeing interest from Asian and Arab Gulf investors, the group's chief executive said on Sunday.

"We're in the market for this sukuk and hope to raise $200 million by the end of this week," Adnan Yousif told Reuters.

"Pricing for the sukuk is very reasonable. It's in the 6 percent range," Yousif added.

Albaraka's Turkish unit Albaraka Turk Katilim Bankasi had last month mandated Deutsche Bank, Emirates NBD, Noor Islamic Bank and QInvest for the sukuk.

Standard & Poor's last month assigned a BB rating to the proposed sukuk issue from the unit.

Albaraka Banking Group said in September its Turkish unit had closed a $350 million dual-currency syndicated murabaha financing facility.

Turkish bank Kuveyt Turk in October sold a $350 million sukuk at a profit rate of 5.875 percent. (Reporting By Mirna Sleiman, additional reporting by Shaheen Pasha)

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