www.invest.gov.tr -Hurriyet
- According to the bankers, Turkey will secure financial resources from
a brand-new sector with its new Islamic banking product and that the
country can finance mega-projects such as the construction of the third
bridge with this income. The total volume of global sukuk issuance was
around USD 90 billion in 2011, whereas the same amount was achieved
during the first six months of this year. Meanwhile, Qatar hit a record
issuance worth a total of USD 4 trillion in July, and the size of the
Islamic financial services sector is expected to reach USD 2.8 trillion
by 2015. Turkey, which has so far lagged behind in the sector, is now
taking the first step to close the gap.
(source)
The Undersecretariat of the Treasury has
authorized the Citigroup, HSBC and Liquidity House (a subsidiary of
Kuwait Finance House) to investigate the potential of sukuk. And the
first issuance on a dollar basis is expected to take place in the coming
weeks. This transaction will allow the Treasury to perform long-term
borrowings under more favorable conditions, while Turkey is estimated to
generate USD 500 million or USD 1 billion in the first phase and to
secure financing worth of a few billion dollars later on.
Source: http://www.invest.gov.tr/en-US/infocenter/news/Pages/070912-turkey-sukuk-giant-projects.aspx - Sept 7, 2012
