| Turkey was gearing up to sell its first bond compliant with Islamic law on Monday, targeting cash-rich, emerging-market investors as the country tries to diversity its funding sources. The sale of a dollar-denominated sukuk, as Islamic-compliant bonds are called, is due to be completed Tuesday and could raise more than $1 billion, said one investor, who asked not to be named.
About half of the Middle East's $24.3 billion of bonds sold in the first six months of 2012 were sukuks, according to the data provider Dealogic. Conforming with Shariah law, which prohibits interest payments, sukuks have also attracted interest from nations outside of the region including Malaysia and Indonesia, which have large Muslim populations...............................................Full Article: Source
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