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Financials

Turkiye Finans gets regulatory nod for $450 mln sukuk

March 26 (Reuters) - Turkish Islamic lender Turkiye Finans has been granted regulatory approval to raise $450 million via dollar-denominated Islamic bonds, or sukuk, according to Turkey’s Capital Markets Board.

Turkiye Finans, a sharia-compliant lender which has a focus on loans to corporate clients, will issue the sukuk through its wholly-owned leasing unit TF Varlik Kiralama.

It previously issued dollar-denominated sukuk in 2013, a $500 million five-year deal that matures in May.

The bank, which is majority owned by Saudi Arabia’s National Commercial Bank, has been a frequent issuer of sukuk in the domestic market and has also tapped investors in Malaysia through ringgit-denominated deals. (Reporting by Bernardo Vizcaino; Editing by Eric Meijer)

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