Nine months after cancelling its debut sale of Islamic bonds because yields were too high, Al Baraka Banking Group’s Turkish unit is back approaching investors as borrowing costs tumble to record lows.
Al Baraka Turk Katilim Bankasi AS will offer as much as $250 million (Dh917 million) of seven-year dollar-denominated sukuks this year, the group’s Chief Executive Officer Adnan Yousuf said by phone on August 27 from Alexandria, Egypt. The average sukuk yield globally has fallen 91 basis points this year to an all-time low of 3.09 per cent, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The premium to own Islamic debt rather than US Treasuries has narrowed 81 basis points to 204………………………………………..Full Article: Source