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Al Baraka Turkey unit completes $350m sukuk issue

: Thursday, July 03 - 2014 @ 02:39

Bahrain-based Al Baraka Banking Group has said its Turkish subsidiary has successfully completed issuance of sukuk worth $350m, Gulf Daily News has reported. The issuance by Al Baraka Turk Participation Bank, rated BB by Standard & Poor’s, is listed on the Irish Stock Exchange and carries profit rate of 6.25% per annum for a period of five years. The sukuk al wakala-murabaha was oversubscribed, with value of subscription reaching $750m, the bank said.

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Thursday, July 3- 2014 @ 2:39 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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