Subsidiary of Turkey’s Aktif Bank becomes GEM’s first sukuk listing
Aktif Bank Sukuk Varlık Kiralama A.Ş., has listed US$118m asset-backed trust certificates on the Global Exchange Market (GEM) of the Irish Stock Exchange (ISE).
About Aktif Bank Sukuk Varlık Kiralama A.Ş.
Aktif Bank Sukuk Varlık Kiralama A.Ş. is an asset lease company, established for the issuance of Islamic capital market instruments. It is a wholly owned subsidiary of Aktif Bank, one of the leading banks in Turkey, which is headquartered in Istanbul.
Hogan Lovells acted as counsel for Aktif Bank on this sukuk.
Sukuk listings on the ISE
Aktif Bank Sukuk Varlık Kiralama A.Ş. joins several other sukuk issuers listed on the ISE including the recent issue from the Kingdom of Saudi Arabia which listed on the Main Securities Market (MSM).
GEM – the fastest growing debt listing market
The GEM is the fastest growing debt listing market in Europe and it currently lists more than 11,000 debt securities from 50 countries. Since its launch in 2009 banks and corporates who have chosen to list their debt on the GEM include Coca-Cola, Microsoft, Sky, HSBC, Barclays and Swedbank, Whirlpool, Discovery Media, and Kraft Heinz.
In 2016 the GEM was expanded to include the listing of investment funds. GEM is a recognised multilateral trading facility (MTF) under Europe’s Markets in Financial Instruments Directive (MiFID).