ISTANBUL: Turkish real estate investment trust Kiler GYO is planning to issue a five-year Islamic bond worth at least $100m in the second half of this year, parent company Kiler Holding’s Chief Financial Officer Kaan Aytogu said.
Kiler is talking to banks from Saudi Arabia and Qatar over buying into the issue, which will be used for investment and to extend the maturity of existing loans, Aytogu said late on Tuesday.
Last week, Turkish food retailer Kiler signed a $120m four-year loan deal, including Shariah-compliant borrowing, with Bank of America Merrill Lynch and banks from the Gulf region.
Turkey’s Islamic finance industry is being reshaped as banks widen their product range and competitors prepare to enter the market.
Reuters
