Akin Gump Advises on Transaction Honored as Deal of the Year - Turkey at IFN Awards

(Dubai) – Akin Gump is pleased to share that client Kuveyt Türk Katilim Bankasi A.S.’s $350 million issuance of Tier 2 sustainability Sukuk through its special purpose company KT21 T2 Company has been named Turkey Deal of the Year at the IFN Deals of the Year 2021. “Sukuk” refers to Sharia-compliant certificates. (Learn more about the deal here.)

According to the deal profile published by IFN, this transaction was governed by Kuveyt Türk’s Sustainable Finance Framework, which defines the green/social impact areas that the bank will pursue. These include renewable energy, pollution prevention and control, energy efficiency, employment generation, affordable housing, and access to essential services.

The profile notes that this is the first transaction out of Turkey meeting the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) guidelines as adopted by the Higher Sharia Authority of the Central Bank of UAE rules and able to draw investment from UAE banks.

Kuveyt Türk is also noted as the first bank in the world to issue Tier 2 sustainability Sukuk.

Akin Gump partner Rizwan Kanji led the Akin Gump team, with assistance from counsel Hamed Afzal and associate Sahar Abas, advising Kuveyt Türk.

In January 2021, a pair of transactions on which Akin Gump advised Kuveyt Türk won IFN’s Regulatory Capital Deal of the Year (learn more here). Mr. Kanji also led the deal team for these transactions.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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