Kuveyt Turk plans to debut in Malaysia with ringgit sukuk

Turkish participation bank Kuveyt Turk plans to issue sukuk in Malaysia aiming to raise as much as 2 billion ringgit ($625.3 million), its first foray into the Southeast Asian Islamic debt capital market. Kuveyt Turk, 62 percent owned by Kuwait Finance House , will sell the sukuk to qualified investors through its asset-leasing company, KT Kira Sertifikalari Varlik Kiralama. No timeframe was given for the deal. In July, Turkiye Finans became the first Turkish lender to issue ringgit-denominated sukuk in Malaysia when it raised 800 million ringgit ($252.2 million) from a 3 billion ringgit programme it set up in June. Moreover, in June, Bank of Tokyo-Mitsubishi UFJ set up a $500 million multi-currency sukuk programme in Malaysia.