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Paksoy Advises Turkiye Finans on Issue of Ringgit Sukuk

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The Turkish Paksoy Law Firm has advised Turkiye Finans on its issuance of the first ringgit sukuk originating from Turkey to -- according to the firm -- "raise up to MYR 3 Billion In Malaysia."

The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the program will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama, a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers.

Paksoy Partner Omer Collak and Head of the firm's Tax practice Baris Kencebay advised Turkiye Finans and the issuer TF Varlik Kiralama.

 

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