Albaraka Turk, the pioneer of Islamic banking in Türkiye, has established a Medium Term Notes (MTN) Sukuk Programme with a nominal value of up to USD 1 billion. This marks the first international public MTN Sukuk Programme by a participation bank in Turkey.

The MTN programme will enable the bank to issue sukuk in multiple currencies and tenors, including sustainable sukuk issuances. The programme, which is also listed on the International Securities Market (ISM), will allow the bank to raise funds in international markets to cover general financing requirements and broaden its investor base and funding sources.

The programme also incorporates flexible product features and offering mechanisms that allow for both public issuances and private placements. This flexibility will increase its appeal to investors with different investment horizons and requirements.

Fitch Ratings has assigned Albaraka Turk Katılım Bankası A.Ş.’s USD 1 billion sukuk issuance programme a long-term rating of ‘B-’ and a short-term rating of ‘B’.