Kuveyt Turk mandates banks for debut in Malaysia for max 2 bln ringgit sukuk

Turkish participation bank Kuveyt Turk has mandated banks to issue sukuk in Malaysia, aiming to raise as much as 2 billion ringgit ($596.7 million), which will be its first foray into the southeast Asian Islamic debt capital market. Kuveyt Turk, 62 percent owned by Kuwait Finance House , said in a statement it has mandated CIMB Investment Bank Berhad, Kuwait Finance House Berhad and Maybank Investment Bank Berhad. The last time Kuveyt Turk was in the market was in June, when it issued a $500 million five-year sukuk that attracted over $3.25 billion in orders. In July, Turkiye Finans became the first Turkish lender to issue ringgit-denominated sukuk in Malaysia raising 800 million ringgit.