Oct 18 Turkish Islamic bank Albaraka Turk has picked seven arrangers for a potential dollar-denominated sukuk to bolster its supplementary or Tier 2 capital, two sources familiar with the matter told Reuters on Sunday.
The lender is expected to raise around $250 million, the sources said, with one adding that the sukuk issue was planned before the end of the year.
Albaraka Turk has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue, according to the sources, who spoke on condition of anonymity as the information is private.
The bank, a unit of Bahrain-based Al Baraka Banking Group , didn’t immediately respond to a request for comment. (Additional reporting by Ebru Tuncay in Istanbul; Editing by David French).
Originally published on www.reuters.com