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Turkish bank Aktif approves Islamic bond

ISTANBUL, September 13, 2014

Aktif Bank, Turkey's largest privately owned investment bank, has received regulatory approval to issue 200 million lira ($91 million) in Islamic bonds, the Capital Markets Board said.

The lender will sell the sukuk to qualified investors through its asset leasing company, Aktif Bank Sukuk Varlk Kiralama. It gave no time frame for the deal.

The emergence of corporate sukuk in Turkey is seen as a litmus test for efforts to develop Islamic finance by the government, which issued a maiden $1.5 billion sovereign sukuk in 2012 to encourage the industry's development.

The global sukuk market is growing fast, with year-to-date issuance up 16.3 per cent from last year at $88.9 billion.-Reuters
 




Tags: Turkey | bond |

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