Albaraka Türk’s $205 million additional tier one capital (AT1) Sukuk

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.

Albaraka Turk Katilim Bankasi A.S. provides various banking products and services primarily in Turkey. The company 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.

The Norton Rose Fulbright team was led by Dubai-based partner Gregory Man (Picture) with assistance from London-based partner Nikolai Mikhailov and senior associate Ganna Vlasenko.

Involved fees earner: Gregory Man – Norton Rose Fulbright; Nikolai Mikhailov – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Albaraka Türk;