Norton Rose Fulbright has advised Albaraka Turk Katilim Bankasi A.S. on their issuance of US$350 million Certificates due 2019.

The Sukuk, while backed by the credit of Albaraka Turk as obligor, was issued by Bereket Varlik Kiralama A.S. an asset leasing corporation established in Turkey pursuant to the Lease Certificate Communiqué in Turkey. The Sukuk represents Albaraka Turk’s second international Sukuk issuance following the issuance of their Tier 2 Sukuk in 2013, on which Norton Rose Fulbright also advised.

The Joint Lead Managers were Emirates NBD Capital Limited, Nomura International plc, QInvest LLC and Standard Chartered Bank.

Gregory Man, Partner, commented: “This transaction represents a further notable Sukuk deal in the Turkish market. The structure of the Sukuk was a hybrid structure encompassing both Murabaha receivables as well as tangible Sukuk assets and follows the recent international trend of combining multiple Shariah structures together with increasing complexity”.

Vicky Jones, Of counsel, commented: “We are pleased to have advised Albaraka Turk, an important bank in the Turkish market, on another significant Sukuk transaction. The cross-border team which advised them on this complex transaction is further testament to the strength of our extensive network and our growing debt capital markets reputation advising on both conventional and Islamic deals”.

The team was led by Partner Gregory Man and capital markets Of counsel Vicky Jones assisted by senior associates Cynthia Teo and Ahmet Kalafat.

Somay Hukuk Burosu advised Albaraka Turk on the Turkish law aspects of the deal. Clifford Chance LLP and Yegin Ciftci Attorney Partnership advised the Managers on English law and Turkish law aspects respectively. Clifford Chance LLP also advised BNY Mellon Corporate Trustee Services Limited as Representative.