Barwa Bank, Qatar’s fastest growing Shari’ah compliant bank, has acted as Joint Lead Manager on Albaraka Turk Participation Bank’s (ABT) US$200m Tier 2 Sukuk. This transaction represents the first Sukuk Murabaha transaction issued in the international capital markets from Turkey.
Steve Troop, CEO, Barwa Bank commented, “We are very proud to have been selected as Joint Lead Manager by ABT for its debut Sukuk. This is a significant transaction and demonstrates our credibility, strong regional relationships and ability to deliver in the Debt Capital Markets (DCM) space : we look forward to a strong pipeline of business for the coming year.
”With DCM in the region expanding rapidly, Barwa Bank is positioned to play a key role in this growth story. The ABT Sukuk is another milestone for the bank, having been involved with several high profile issuers earlier this year as Co-Lead Manager, notably, the Government of Dubai, Emirates Airlines and Dubai Islamic Bank.
The previous year saw Barwa Bank hold Lead Management roles for six key Sukuk issues, including Joint Lead Manager for the State of Qatar Sukuk which was the largest ever Sukuk issued and Co-Manager for the Republic of Turkey’s debut Sukuk, a milestone transaction as the Republic’s first ever US$ Sukuk issuance.
Barwa Bank has been involved in almost all meaningful Sukuk business over the last 12 months, guided by its strategy to become a key player in the Islamic Debt Capital Markets.