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Agaoglu Seeks $2 Billion Islamic Debt for Istanbul Finance Hub

Published: 03/03/2013 08:24:11 PM GMT
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Agaoglu Group, a Turkish company with interests in construction, energy and tourism, plans to raise $2 billion in Islamic debt to finance the construc (more)

Agaoglu Group, a Turkish company with interests in construction, energy and tourism, plans to raise $2 billion in Islamic debt to finance the construction of Istanbul's financial district.

Aktif Bank is in talks with banks in the Gulf Cooperation Council to sell sukuk in April, Agaoglu Chairman Ali Agaoglu said in an interview today in Dubai, where he opened a representative office to lure Gulf wealth to Turkey's construction industry. The fundraising would also include Murabaha facilities, he said.

The Istanbul Financial Center project is part of Prime Minister Recep Tayyip Erdogan's plan to boost Turkey's regional importance and make the economy one of the world's 10 biggest by 2023. Construction has already begun on the Asian coast of Istanbul, a city of 13 million, in a district called Atasehir.


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