Turkish group seeks Islamic debt for Istanbul finance hub

Project part of plan to boost Turkey's economy and importance

04 March, 16:49

A view of the Bosphorus A view of the Bosphorus

(ANSAmed) - ISTANBUL - Agaoglu Group, a Turkish company with interests in construction, energy and tourism, plans to raise USD 2 billion in Islamic debt to finance the construction of Istanbul's financial district as Bloomberg reports.

Aktif Bank is in talks with banks in the Gulf Cooperation Council to sell 'sukuk' in April, Agaoglu Chairman Ali Agaoglu said in an interview in Dubai, where he opened a representative office to lure Gulf wealth to Turkey's construction industry. The Istanbul Financial Center project is part of Prime Minister Recep Tayyip Erdogan's plan to boost Turkey's regional importance and make the economy one of the world's 10 biggest by 2023. Construction has already begun on the Asian coast of Istanbul, a city of 13 million, in a district called Atasehir. Turkey sold its first Shariah-compliant bonds last year, setting a benchmark for companies to lure Middle East investors.

Sales of bonds that comply with Islam's ban on interest in the GCC tripled last year to USD 21 billion, according to Bloomberg.

(ANSAmed).

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