Al Baraka Turk issues TRL 250m domestic Sukuk

Abu Dhabi

Al Baraka Turk, a subsidiary banking unit of Al Baraka Group (ABG) announced that it has finalised the issuance of a TRL 250 million Sukuk. In a statement, the lender stated that the recent issue brings the total amount of outstanding domestic Sukuk issuances of the bank to TRL 1.2 billion and total issuances in 2018 to TRL 2.1 billion. Malek Temsah, Al Baraka Turk’s Assistant General Manager of Treasury, said, “With these competitively priced and liquid instruments increasingly playing an important role in mobilising funds for our sector, our emphasis will continue to be on providing our investors with a diverse range of investment products that meet their requirements.” The government of Oman could announce a plan to issue new US dollar-denominated Sukuk this week, reported Reuters. Oman has borrowed extensively in the international markets over the past few years to finance state spending and development projects at a time of lower oil prices, with its latest venture into the foreign debt markets was a $6.5 billion conventional bond sold in January this year.—Agencies

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