17.05.2019
Thus the total value of the sukuk issued by this bank in the first five months of 2019 raised to TL 2.6 billion.
Dr. R. Ahmet Albayrak, Executive Vice President, treasury and international banking, said: “As a sound bank of the real economy, we place emphasis on developing and generalizing such financial instruments as leasing certificates. In parallel with the increase of awareness of leasing certificates and with the growth of participation-based retirement and investment funds, we issue more and more leasing certificates to contribute to the growth and development of this market as part of our market maker identity.”
Kuveyt Türk’s sukuk limit was increased to TL 7 billion
Explaining that Kuveyt Türk issued 27 lots of leasing certificates worth TL 5.1 billion at domestic level in 2018, representing an increase by about 120% in comparison to the previous year, Ahmet Albayrak said: “Capital Market Board assigned a limit of TL 7 billion to us in December 2018, so that we issued leasing certificates worth TL 410 million and TL 355 million on 30 April and 10 May respectively, totaling TL 765 million. Thus the volume of the sukuk we issued as from the beginning of this year raised to TL 2.6 billion.”
Placing emphasis on the secondary market transactions
Pointing out that the fact that the costs of these leasing certificate issues were lower than those of the similar issues performed in recent times is an indicator of the trust put by investors in Kuveyt Türk, Executive Vice President Albayrak said: “In addition to issuing sukuk, we place emphasis on secondary market transactions to make this market deeper. All investors may sell their leasing certificates any time they want, even if there is no seller on the other side, at second hand to us and may cash them the same day.”