A $350 million sukuk issued by Turkish bank Kuveyt Turk last month was the country’s first asset-backed sukuk, and is fuelling hopes for more such issues. But they remain unlikely to become widespread in most of the Islamic world, including the Gulf, without more aggressive legal reforms.
The five-year Kuveyt Turk deal combined both asset-backed and asset-based elements, including the sale and transfer of tangible real estate to an onshore special purpose vehicle (SPV), and a portfolio of assets sold on a cost-plus-profit basis………………………………………..Full Article: Source