Turkey is expected to raise $1-1.5 billion through a sovereign sukuk that will mark the country’s first foray into the global Islamic bond market, bankers said on Monday. The bond, with a maturity of 5-1/2 years, is set to be finalised on Tuesday and will set a benchmark for future sukuk issues by Turkish banks and companies.
“A $1 billion issuance will be a good start for Turkey,” said Osman Akyuz, secretary general of the association of “participation banks”, a term used in Turkey to refer to Islamic banks………………………………………..Full Article: Source