Though Turkey has reportedly shelved plans to push by way of an $8.5 billion sukuk cope with the United Arab Emirates, the sector head of S&P Scores Company expects Ankara to stay an energetic participant out there.
Sukuk are Islamic bonds organized in constructions that adjust to Sharia regulation. For many years, they’ve been a well-liked software for governments and firms to lift capital.
Bloomberg reported on Monday, citing sources acquainted with the matter, that Ankara had determined to pause a deliberate sukuk issuance with the UAE’s sovereign wealth fund Abu Dhabi Improvement Holding Co PJSC (ADQ). The report acknowledged that the Turkish authorities believed that the proceeds demanded by ADQ have been “unfavorable” and that the deal had not been utterly dominated out and may very well be accomplished at a later date.
Neither ADQ nor the Turkish Finance Ministry responded to a request for remark.
