Albaraka Turk Sukuk Issued and Listed on Irish Stock Exchange

(Sukuk.com) Albaraka Turk has issued a tier 2 Sukuk for the value of USD$250 million at a profit rate of 10.5%. The sukuk has been admitted for listing on the Irish Stock Exchange.

The Reg S fixed rate resettable tier 2 sukuk is due 2025 and is backed by the credit of Albaraka Turk as obligor, was issued by Albaraka Sukuk Ltd.

The sukuk will pay a profit rate of 891bps over the five year US dollar mid swap rate and represents Albaraka Turk’s third international sukuk issuance following the issuance of their tier 2 sukuk in 2013, and their senior sukuk in 2014. Global law firm Norton Rose Fulbright advised on the deal in which Standard Chartered Bank acted as the sole coordinator. Joint Lead Managers and Joint Bookrunners were Barwa Bank, Dubai Islamic Bank, Emirates NBD Capital, Nomura International plc., Noor Bank, QInvest and Standard Chartered Bank.

Read full article at Sukuk.com