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Present at the signing ceremony and press conference for the second “Sukuk” issuance that received great interest from the Gulf Region and European investors were Capital Market Board Chairman Vedat Akgiray, Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan. The event was also attended by officials from the lead arranging banks; Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.
The Kuveyt Türk pioneered transaction represents the “first” issuance as part of the Comminiqué on Lease Certificates and has created $350 million worth of derivative funds for a five year period that will be primarily used for project financing.
Kuveyt Türk Chairman Mohammed Al-Omar: “Sukuk is an important product that will contribute to Participation Banking’s consistent growth”
Kuveyt Türk Chairman Mohammed Al Omar especially emphasized that “Sukuk” is an important product that will contribute to Participation Banking’s consistent growth.”
Al-Omar said that “Both Kuveyt Türk’s Sukuk issuances were met with great interest. This issuance is an important financial source for Turkey’s continuing development goal. We are very happy that its record setting, long-term and high value has contributed as a financial source in these times of extreme economic duress. Turkey has the potential to acquire considerable financial resources by issuing new issuances to global investors, including the Gulf Region. Kuvey Türk is ready to provide all the necessary assistance to state and private institutions in this matter.” Omar concluded his speech with the promise that they would grab the headlines with new issuances in the coming period.
Ufuk Uyan stated: “Turkey became part of the global $100 billion worth Sukuk market thanks to Kuveyt Türk.”
Kuveyt Türk CEO Ufuk Uyan stated during his signing ceremony speech that Kuveyt Türk had taken a pioneering role in opening the door for procuring long-term funds from financial markets, in accord with interest free banking principles. He further acknowledged the joy they felt for taking part in the process of affording Turkey access to a fast developing global “Sukuk" market that was worth $100 billion.
He said that their two Sukuk issuances, the first ever of their kind in Turkey, had enabled the country access to a brand new market that contributed long-term funds necessary for the country’s development and that they would share their know-how with other companies and provide advice for future issuances. Uyan underlined that one of the issuances most important aspects was its very competitive pricing and how it was a reflection of the trust placed in Turkey and Kuveyt Türk. Uyan further claimed, they regarded the Sukuk market as an important opportunity with great potential for Turkey and they plan to issue new transactions and issuances for corporate companies.
Uyan finally assured the issuance was met with great interest during a period of extreme financial fluctuation and “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors’ issuance acquirement of 12 percent during the final allocation confirms the unabated interest in our banks issuance even during these hard times. Considering we have gained a diverse investor portfolio of banks, private banking departments and international institutions has also made us very happy.”
The Kuveyt Türk pioneered transaction represents the “first” issuance as part of the Comminiqué on Lease Certificates and has created $350 million worth of derivative funds for a five year period that will be primarily used for project financing.
Kuveyt Türk Chairman Mohammed Al-Omar: “Sukuk is an important product that will contribute to Participation Banking’s consistent growth”
Kuveyt Türk Chairman Mohammed Al Omar especially emphasized that “Sukuk” is an important product that will contribute to Participation Banking’s consistent growth.”
Al-Omar said that “Both Kuveyt Türk’s Sukuk issuances were met with great interest. This issuance is an important financial source for Turkey’s continuing development goal. We are very happy that its record setting, long-term and high value has contributed as a financial source in these times of extreme economic duress. Turkey has the potential to acquire considerable financial resources by issuing new issuances to global investors, including the Gulf Region. Kuvey Türk is ready to provide all the necessary assistance to state and private institutions in this matter.” Omar concluded his speech with the promise that they would grab the headlines with new issuances in the coming period.
Ufuk Uyan stated: “Turkey became part of the global $100 billion worth Sukuk market thanks to Kuveyt Türk.”
Kuveyt Türk CEO Ufuk Uyan stated during his signing ceremony speech that Kuveyt Türk had taken a pioneering role in opening the door for procuring long-term funds from financial markets, in accord with interest free banking principles. He further acknowledged the joy they felt for taking part in the process of affording Turkey access to a fast developing global “Sukuk" market that was worth $100 billion.
He said that their two Sukuk issuances, the first ever of their kind in Turkey, had enabled the country access to a brand new market that contributed long-term funds necessary for the country’s development and that they would share their know-how with other companies and provide advice for future issuances. Uyan underlined that one of the issuances most important aspects was its very competitive pricing and how it was a reflection of the trust placed in Turkey and Kuveyt Türk. Uyan further claimed, they regarded the Sukuk market as an important opportunity with great potential for Turkey and they plan to issue new transactions and issuances for corporate companies.
Uyan finally assured the issuance was met with great interest during a period of extreme financial fluctuation and “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors’ issuance acquirement of 12 percent during the final allocation confirms the unabated interest in our banks issuance even during these hard times. Considering we have gained a diverse investor portfolio of banks, private banking departments and international institutions has also made us very happy.”
