Turkey's Treasury said on Friday it would sell up to 1.76 billion lira ($1.17 billion) worth of revenue-indexed bonds, an Islamic-style debt issue, as it continues to diversify and broaden its investor base. The coupon payments of the bond will be indexed to revenue transfers to the Treasury from state companies such as Turkish Petroleum Corporation (TPAO), State Airport Authority (DHMI), State Supply Office (DMO) and Coastal Safety (KIYEM). The bond is considered Sharia-compliant. Islamic finance is derived from Sharia, or Islamic law, and avoids interest-based financing.
source : Reuters
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