Global law firm Norton Rose Fulbright has advised Albaraka Türk Katılım Bankası A.Ş. (Albaraka Türk) on the issuance of its $205 million additional tier one capital (AT1) Sukuk.
The Basel III compliant Sukuk is the first AT1 in Turkey and was issued through a special purpose vehicle, Bereket One Ltd., by way of a private placement. The Sukuk was admitted to the official list and to trading on the regulated market of the Irish Stock Exchange.
The Norton Rose Fulbright team was led by Dubai-based partner Gregory Man with assistance from London-based partner Nikolai Mikhailov and senior associate Ganna Vlasenko.
Albaraka Türk is a subsidiary of leading Bahrain Albaraka Banking Group. Albaraka Türk was established as the first interest-free bank in Turkey in 1984 and commenced commercial operations in March 1985. Albaraka Türk's business is undertaken in compliance with the principles of interest-free banking, known as participation banking.
Gregory Man, partner, commented:
“As the first Basel III compliant tier one deal to come out of Turkey, and the first in Sukuk format, this is a milestone transaction for the market. Having worked with Albaraka Türk for a number of years we are delighted to bring such a significant transaction to successful close.
“We are also pleased to have been able to build on our reputation in Turkey, which remains an important market for the firm.”
Norton Rose Fulbright’s leading Islamic finance and debt capital markets team continues to advise on the market’s most innovative transactions, having most recently advised Al Rayan Bank Plc on its Sharia-compliant securitisation of home purchase plans.
For further information please contact:
Meeta Campanaro, Senior Public Relations Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595886276
Notes for editors:
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Africa.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.