Turkey’s Ziraat Islamic unit applies for 1.5 bln lira sukuk
The Islamic lending arm of Turkey’s state-run Ziraat Bank has applied to sell 1.5 billion lira ($501.9 million) worth of Islamic bonds, according to Turkey’s Capital Markets Board (SPK). The sale would be the first by a state-run Islamic bank, and follows a wider government push to develop the sector in the world’s eighth most populous Muslim nation. No tenor or details of underlying assets were given for the deal, which will be sold to qualified investors. Islamic lender Kuveyt Türk also applied for 1.85 billion lira worth of sukuk. Ziraat Participation Bank started operations in May 2015, with 675 million lira in paid-up capital and plans to have 170 branches and 2,200 staff by the end of 2018.
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