Turkish participation bank Kuveyt Turk issues a 2 billion Ringgit sukuk program in Malaysia, Kuveyt Turk has opened a new window into the sector by realizing the first tranche issuance of sukuk under the program on 31 March 2015.

Completed in the amount of 300 million Ringgit Malaysia with a tenure of 5 years, the sukuk deal has been marked as the lowest-cost Ringgit sukuk.

The issuance provides an annual yield of 5,8 percent for its investors with a maturity date of 31 March 2020. Kuveyt Türk has reduced its funding costs in USD for the five year issuance to 4,4% annually by swapping the funds raised in Ringgit Malaysia to US Dollars as of the date of issue.