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First Turkish sukuk - Hogan Lovells advises Citi and Liquidity House on US$100 million Sukuk for Kuveyt Türk Katılım Bankası A.Ş.

25 August 2010

DUBAI, 25 August 2010 - International law firm Hogan Lovells has acted as international counsel to Citigroup Global Markets Limited and Liquidity Management House for Investment Company KSCC on the inaugural US$100m sukuk for Kuveyt Türk Katılım Bankası A.Ş. ("Kuveyt Türk")

Kuveyt Türk's US$100m Sukuk due 2013 is the first sukuk ever issued out of Turkey. The transaction was oversubscribed and has attracted a lot of global interest, including from the Turkish Government. Mehmet Şimşek, Turkish Finance Minister, recently described the transaction as "a turning point" and expressed his hope that sukuk as an alternative financial tool "will make important contributions to the development of the country".  

The Hogan Lovells team was led by Hogan Lovells' Global Head of Islamic Finance, Rahail Ali, who was assisted by Senior Associate Roger Fankhauser and Associates Sema Kandemir and Mark Brighouse. Speaking today Rahail Ali said:

"It's really pleasing to advise Citi and Liquidity House on such a landmark sukuk not only for Kuveyt Türk but also for Turkey. Structuring the sukuk was challenging - the parties had to reconcile requirements under the Turkish civil law, English common law and Sharia principles. Turkey has always been a favoured destination for Islamic financial institutions. This sukuk promises to open up a whole new market."

Background to Hogan Lovells' Islamic finance experience

Hogan Lovells' Islamic finance team has been at the forefront of cutting-edge developments in the Islamic finance market, having previously advised on the first Islamic reserve based financing, the first Sharia compliant tier 2 capital facility and a number of landmark sukuk including the first international musharaka, mudarabah, convertible and exchangeable sukuk offerings and the first sukuk "buy-back".

Amongst other awards and accreditations the Islamic finance group has received:

·  Islamic Finance Asia - Top 10 Groundbreakers of 2009 - PETRONAS Global Sukuk;

·  Asia-Counsel Deal of the Year 2009 - Deal of the Year - PETRONAS Global Sukuk Deal;

·  IFLR Middle East Awards 2009 - Debt and Equity-linked Deal of the Year - Nakheel securitization;

·  Islamic Finance News - multiple awards won; and

·   Finance Monthly Magazine Law Awards for Achievement 2010 - Category Winner Islamic Finance Law Firm of the Year Middle East.

ENDS

For further information, please contact:

Rahail Ali, Global Head of Islamic Finance       

Tel:      +971 (0)4 377 9300

Email:   rahail.ali@hoganlovells.com

 
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