December 17, 2014 / 1:31 AM / 3 years ago

Turkiye Finans applies for 143 mln lira sukuk

Dec 17 (Reuters) - Turkish Islamic lender Turkiye Finans Katilim Bankasi has applied to issue 143 million lira ($60.5 million) via sukuk, or Islamic bonds, according to Turkey’s Capital Markets Board.

The sukuk will be issued through TF Varlik Kiralama, a wholly-owned unit of Turkiye Finans, which has a focus on loans to corporate clients. No tenor or details of underlying assets were given for the deal.

Turkiye Finans, majority owned by Saudi Arabia’s National Commercial Bank, is one of four Islamic banks in the country, known as participation banks.

Separately, the bank has also received regulatory approval for a 71 million lira sukuk for trailer manufacturer Tirsan Treyler Sanayi ve Ticaret.

Issuance of corporate sukuk has gradually emerged in Turkey, helping broaden the country’s Islamic capital market. So far the bulk of sukuk issuance has come from the government and the country’s four Islamic banks. ($1 = 2.3620 liras) (Reporting by Bernardo Vizcaino; Editing by Simon Cameron-Moore)

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