ISTANBUL, July 29 (KUNA) -- Kuveyt Turk, a Turkey-based affiliate to the Kuwait Finance House (KFH), succeeded in issuing lease certificates (sukuk) for a total of TL 160 million (USD 58.4 million).
In a press statement, the Bank stated that the certificates maturity would be 189 days.
It noted that the certificates' public offering has attracted a record-breaking number of subscribers.
Kuveyt Turkey CEO Ufuk Iwan said the return on the certificates would paid in one batch on maturity date.
He noted that the total annual revenue from the sukuks hits 10.63 percent.
He said that the Kuveyt Turk was the first to issue lease certificates (sukuks) on Turkish market in 2010.
The Bank has so far issued sukuks worth 4.2 billion lira (USD 1.52 billion) in Turkey.
He noted the Kuveyt Turk moves forward to contribute to sukuk markets and providing financing instruments that fit the needs of Turkish companies and the international markets so as to enhance the role of this product which is a legitimate alternative to bonds.
The KFH is considered a pioneer in the Islamic banking sector. It is the first Islamic bank established in 1977 in the State of Kuwait and today it's one of the foremost Islamic financial institutions in the world. (end) ta.hm