Finance: Islamic bank looks to Turkey's sukuk, IDB head says

23 September, 12:50

    (ANSAmed) - ANKARA, SEPTEMBER 23 - The President of the Islamic Development Bank (IDB) Ahmad Mohamed Al-Madani has urged Turkey to mobilize "sukuk" (Islamic bonds) to facilitate the flow of capital from Arab countries, while also suggesting that Turkey could arrange an investment conference in order to attract Arab capital. Al-Madani, in an exclusive interview with daily Radikal held on the occasion of the opening of Ankara's branch of the (IDB) in the presence of of President Abdullah Gul, highlighted the full confidence that they had in Turkey, as he noted that he didn't have any direct or unconfirmed information about claims that the Arab capital has been inclined to leave Turkish markets. "It is very natural to have an office for IDB in Ankara to enhance this relationship," Al-Madani said in Ankara, while pointing to Turkey's "very constructive" cooperation with the IDB for the last 39 years as one of the "major founding members.

    Al-Madani also touched upon the IDB's commitment to the development of Istanbul as a center of Islamic banking, as he expressed hope that through cooperation with the government, Istanbul would become a leader in Islamic banking. As of September 19, the Treasury announced that Turkey mandated banks for its second sovereign sukuk issue in international markets and would hold a series of investor meetings from September 23 to October 1 in the Middle East and Asia. Turkey raised USD 1.5 billion with its debut dollar-denominated sukuk last September. Turkey has borrowed USD 4.2 billion from international capital markets so far this year and plans to borrow a total of up to USD 6.5 billion through a mix of Eurobond, Samurai and sukuk issues by the end of the year. (ANSAmed).

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