Ufuk Iwan receiving the award
Kuwait Finance House-Turkey (KFH-Turkey) was awarded by Euromoney as Most Innovative Deal by Euromoney for its USD 100 million sukuk deal that was orchestrated by Liquidity Management House that is a KFH subsidiary, in collaboration with other major international banks. The sukuk deal is the first of its kind in Turkey, and is considered to be a new financing tool that can play a role in varying the options of companies seeking suitable financing. (full story)
KFH-Turkey's CEO Ufuk Iwan received the award and stated that sukuk represents a new and innovative financing tool in the Turkish market that is considered to be one of the largest economic entities in the world. He added that sukuk are also suitable for governments, and stressed that the bank will continue in its expansion strategy.
Moreover, he mentioned that the deal served as a boost to the efforts of approving a legislation that allows the issuance of sukuk in Turkey; thus allowing sukuk to grow and cover other new fields, such as financing medium and major projects. He revealed that the sukuk that had been issued were covered by 150% of their value in collaboration with 19 financial institutions and bank in the gulf, Middle East, Asia, and Europe. He went on to say that the three year sukuk is rated BBB- by Fitch rating agency, and asserted that sukuk are being enlisted in London's bourse.
Furthermore, he said that KFH-Turkey has recently launched at the Istanbul bourse the first Shariah compliant gold investment fund, which will soon allow clients to buy and receive gold coins from ATM machines. He stressed that the Turkish companies and institutions are expanding internally and overseas, which requires offering them new financing tools.
KFH-Turkey's CEO Ufuk Iwan received the award and stated that sukuk represents a new and innovative financing tool in the Turkish market that is considered to be one of the largest economic entities in the world. He added that sukuk are also suitable for governments, and stressed that the bank will continue in its expansion strategy.
Moreover, he mentioned that the deal served as a boost to the efforts of approving a legislation that allows the issuance of sukuk in Turkey; thus allowing sukuk to grow and cover other new fields, such as financing medium and major projects. He revealed that the sukuk that had been issued were covered by 150% of their value in collaboration with 19 financial institutions and bank in the gulf, Middle East, Asia, and Europe. He went on to say that the three year sukuk is rated BBB- by Fitch rating agency, and asserted that sukuk are being enlisted in London's bourse.
Furthermore, he said that KFH-Turkey has recently launched at the Istanbul bourse the first Shariah compliant gold investment fund, which will soon allow clients to buy and receive gold coins from ATM machines. He stressed that the Turkish companies and institutions are expanding internally and overseas, which requires offering them new financing tools.
