Kuveyt Turk raises 300 mln lira via public #sukuk sale

Turkish participation bank Kuveyt Turk has raised 300 million lira ($101.5 million) of Islamic bonds, and plans to regularly use public sales in the future. The 6-month deal is the largest local currency sukuk issued by Kuveyt Turk. The bank opted for a public sale to further widen its funding sources, in contrast to most other sukuk deals which are sold via private placements. Last week, the Turkish treasury mandated banks for a sovereign sukuk deal in the international markets. First, Turkiye Finans Katilim Bankasi applied to raise as much as 17 million euros via sukuk, followed by Aktif Bank who has also applied to raise up to 100 million lira via sukuk.