Dec 12 2011
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Al Baraka Turk hopes to raise $200m in sukuk
12 December 2011 - Al Baraka Turk Participation Bank, a subsidiary & the Bahrain - based. Al Baraka Banking Group , is hoping to raise USD 200 million in Islamic sukuk by the end of the week. Mr. Adnan Ahmed Yousif, the President and Chief Executive of the Group told Reuters " We're in the market for these sukuk and we hope is raise USD 200 million by the end of this week, we have seen interest of Asian and GCC investors". "Pricing for the sukuk is very reasonable and competitive. It's in the 6 percent range," Mr. Yousif added.
Al Baraka's Turkish unit Al Baraka Turk Katilim Bankasi had last month mandated Deutsche Bank, Emirates NBD, Noor Islamic Bank and QInvest for the sukuk.Standard & Poor's last month assigned a BB rating to the proposed sukuk issue from the unit.
For further information, please contact:
Al Baraka Banking Group ( ABG )
Corporate Communications Department
Tel: +973-17-541122 - Ext: 227
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