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Al Baraka Turk plans 10-year, $200 mln sukuk in April/May -CEO
April 17, 2013 / 2:47 PM / 5 years ago

Al Baraka Turk plans 10-year, $200 mln sukuk in April/May -CEO

DUBAI, April 17 (Reuters) - Bahraini lender Al Baraka Bank’s Turkish unit plans to issue a $200 million, 10-year subordinated sukuk by the end of April or early May, the Bahraini bank’s chief executive Adnan Ahmed Yousif told Reuters on Wednesday.

Al Baraka Turk, which signed a $450 million murabaha loan in September, has appointed BNP Paribas, Al Hilal Bank, Barwa Bank, Emirates NBD and Japan’s Nomura for the Tier 2 sukuk, which will be callable on year five.

Islamic banks in Turkey are issuing subordinated sukuk to take advantage of attractive pricing and improve their capital adequacy ratios. (Reporting by Bernardo Vizcaino; Editing by Andrew Torchia)

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