Clifford Chance: Emirates NBD Capital and Standard Chartered on Albaraka Türk’s Sukuk Programme

Clifford Chance advised Emirates NBD Capital and Standard Chartered Bank as arrangers and dealers in relation to the establishment of Albaraka MTN Shari’a-compliant trust certificate (“Sukuk”) issuance programme (the “Programme”) with Albaraka Türk Katılım Bankası A.Ş.’s (“Albaraka Türk”) as obligor.

Clifford Chance’s team

Clifford Chance’s team was co-led by partners Sait Eryılmaz (pictured, from Istanbul) and Stuart Ure (Dubai) with support from senior associates Ali Altıparmak (Istanbul) and Nader Koudsi (Dubai), associates Bilgesu Cakmak (Istanbul), Sophie Larsen (Dubai) and Saby Mahmud (Dubai) and trainee solicitors Aykan Karpuzcu (Istanbul) and Zeena Sa’di (Dubai).

About the Programme

Albaraka Türk is the first interest-free Islamic bank established in Türkiye and listed on the Borsa Istanbul. The Programme represents the first-ever international public sukuk Programme by a Turkish participation bank.

The Programme was admitted to the London Stock Exchange’s International Securities Market and is the first in Türkiye under which sukuk may be issued in the form of senior unsecured Sukuk or subordinated Tier 2 capital Sukuk. The Programme also allows for the issuance of sustainable Sukuk, in accordance with Albaraka Türk’s sustainable finance framework.

Fitch Ratings issued a long-term rating of “B-” and a short-term rating of “B” in respect of the Programme. Emirates NBD Capital and Standard Chartered Bank acted as arrangers and dealers in respect of the Programme.

benedetta.miarelli@lcpublishinggroup.com

SHARE