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Islamic bank Al Baraka eyes $300 mln Tier 1 sukuk issue in Q1 2017 -CEO

Al baraka Bank and Burgan Insurance offices in Beirut,Lebanon July 18, 2016.Picture taken July 18, 2016.REUTERS/ Jamal Saidi

Al baraka Bank and Burgan Insurance offices in Beirut,Lebanon July 18, 2016.Picture taken July 18, 2016.REUTERS/ Jamal Saidi

Reuters/ Jamal Saidi
MANAMA, Dec 6 (Reuters) - Al Baraka Banking Group is targeting the sale of capital-boosting sukuk worth $300 million in the first quarter of 2017, the chief executive of the Bahrain-based Islamic lender, with operations in over a dozen countries, said on Tuesday.

"You'll see issuance of sukuk in the first quarter of 2017 around $300 million, and we are talking to some banks" about arranging it, Adnan Ahmed Yousef told reporters on the sidelines of an Islamic banking conference.

Yousef added that the issue would enhance the bank's core Tier 1 capital.

Al Baraka had a total capital adequacy ratio - a key indicator of a bank's financial health, which combines both Tier 1 and supplementary Tier 2 capital - of 15.15 percent as of June 30, according to a regulatory disclosure on its website.

(Reporting by Reem Shamseddine; Writing by David French; Editing by Andrew Torchia) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

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