Turkish bank Kuveyt Türk has issued the country’s first sukuk – a complex three-year $100 million facility combining both ijara and murabaha features.
“Kuveyt Türk’s challenge was to put out a sukuk that would be on a level-playing field with a conventional Turkish bond,” said Rahail Ali, co-managing partner at Hogan Lovells in Dubai who advised lead managers Citi and Liquidity House.
Since...