How Turkey’s first sukuk was structured

Author: | Published: 7 Sep 2010

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.