One of Turkey's largest construction and real estate firms, Agaoglu Group is in the midst of planning the issuance of US$2 billion worth of sukuk or Islamic bonds. The bond float would be done through the financing assistance of the Istanbul Financial Centre.
The bond issue was announced by Agaoglu Group President Ali Agaoglu. Turkey's tenth richest man according Forbes magazine said "For Istanbul Financial Centre, only we will be issuing a sukuk of US$2 billion starting by next month on a gradual basis in tranches with the first one for US$250 million. Agaoglu is currently said to be worth US$1.2 billion.
He added in remarks during an interview with Arabian Business, "The company has been undertaking construction work of the financial centre and we will be issuing some new financial instruments such as murabaha, sukuk and real estate certificates. We have been carrying out the preparation work for all of these instruments. With these new set of financial instruments we will be offering more to the Gulf region."
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