Akin Advises on First International Public Sukuk Program by a Turkish Participation Bank
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(Dubai) – Akin advised Albaraka Türk Katılım Bankası A.Ş., the first interest-free Islamic bank established in Turkey and listed on the Borsa Istanbul, on the establishment of its $1 billion Shari’a-compliant trust certificates (sukuk) program (the Program), on July 31 through a Cayman Islands special-purpose vehicle. It represents the first-ever international public sukuk program by a Turkish participation bank.
Certificates issued under the Program will be admitted to the London Stock Exchange’s International Securities Market and may be in the form of senior certificates or subordinated (Tier 2) certificates. The Program also allows for the issuance of green/sustainable certificates, in accordance with Albaraka Türk’s Sustainable Finance Framework.
Fitch Ratings issued the Program an expected long-term rating of “B-” and a short-term rating of “B.” Emirates NBD Capital and Standard Chartered Bank acted as arrangers and dealers in respect of the Program.
The Akin team was led by capital markets partner Rizwan Kanji, with support from counsel Nicola Minervini and associate Sahar Abas.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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