Citigroup looking to enter Turkey’s sukuk market

Citigroup looking to enter Turkey’s sukuk market

ISTANBUL - Hürriyet Daily News

Citigroup Europe is interested in entering into the sukuk, or Islamic bond, market in Turkey, the group’s Middle East and Africa (EMEA) board director Alberto Verme told Hürriyet.

Citigroup is one of the pioneers of the sukuk market in the Middle East Verme said, adding that it had worked with three banks in the region, while also pursuing activities in Indonesia and Malaysia.

“We will definitely enter the sukuk market in Turkey,” Sukuks are the Islamic equivalent of bonds. Interest-bearing bonds are not permissible in Islam., so sukuk securities are structured to comply with the investment principles of Islamic law.