Turkey’s first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors.

The sukuk, which was primarily bought by financial institutions, is the first sukuk ever out of Turkey and the first bank sukuk originating from Europe.

In Turkey, the ruling AK Party has been stressing the development of Shariah finance in the nation as a means of strengthening financial and trade ties to Islamic countries.



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