Neil D. Miller Global Head of Islamic finance at Norton Rose (Middle East) LLP commented:
"We were delighted to assist our client on the first ever Sukuk from Turkey. This is another significant step towards growing Islamic finance in Europe. The Sukuk by Kuveyt Türk further demonstrates continuing interest and appetite for Islamic finance within key emerging economies."
Senior Debt Capital Markets Lawyer at Norton Rose (Middle East) LLP, Rizwan Kanji commented: "This is a key transaction for two reasons. First, it sets a bench mark for future Sukuk issuances from Turkey; it is hoped this will generate interest within the wider Turkish corporate community to consider raising finance through Sukuk issuances in the international markets. Second, it highlights the fact that Turkish legislation is conducive to certain, but very limited, Islamic finance structures and can facilitate the issuance of Sukuk by Turkish entities."
The Norton Rose (Middle East) LLP transaction team advising Kuveyt Türk was led by Rizwan Kanji with assistance from Lidia Kamleh under the supervision of Global Head of Islamic finance, Neil D. Miller.
Norton Rose (Middle East) LLP has a highly experienced debt capital markets and structured products team based in the region with extensive experience in advising and documenting numerous types of instruments both conventional and Islamic. Norton Rose (Middle East) LLP frequently acts for large financial institutions as well as high profile corporates and sovereign entities.
Hogan Lovells acted for Citigroup Global Markets Ltd. and Liquidity Management House.