Clifford Chance has advised arrangers and dealers Emirates NBD Capital and Standard Chartered Bank on the establishment of Albaraka MTN Ltd.'s Shari’a-compliant trust certificate issuance program with Albaraka Turk Katilim Bankasi as the obligor.
According to Clifford Chance, "Albaraka Turk is the first interest-free Islamic bank established in Turkiye and listed on the Borsa Istanbul. The program represents the first-ever international public sukuk program by a Turkish participation bank." Moreover, the firm reports that the program was "admitted to the London Stock Exchange’s International Securities Market and is the first in Turkiye under which sukuk may be issued in the form of senior unsecured sukuk or subordinated tier 2 capital sukuk. The program also allows for the issuance of sustainable sukuk, in accordance with Albaraka Turk’s sustainable finance framework."
The Clifford Chance team included Istanbul-based Partner Sait Eryilmaz, Senior Associate Ali Altiparmak, Associate Bilgesu Cakmak, and Trainee Solicitor Aykan Karpuzcu as well as further team members in Dubai.
Clifford Chance did not respond to our inquiry on the matter.
