Turkey Mandates Banks to Issue 10-Year Dollar-Denominated Sukuk
November 17 2014 - 5:53AM
Dow Jones News
ISTANBUL--Turkey's treasury said Monday it has mandated CIMB,
Citigroup and HSBC to issue a 10-year dollar-denominated lease
certificate, or sukuk, in international capital markets.
The treasury didn't give any further details in its
statement.
A sukuk or lease certificate is structured so that it doesn't
breach Islamic law which forbids conventional interest
payments.
Turkey will sell the certificates to investors, who will then
lease them back to the issuer at a fee. The fee replaces a
traditional interest rate.
Write to Yeliz Candemir at yeliz.candemir@wsj.com
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