Kuala Lumpur: Turkish lender Turkiye Finans Katilim Bankasi has raised 800 million ringgit ($252.21 million; Dh922.5 million) from an Islamic bond in Malaysia, its first issuance from a 3 billion ringgit programme announced last month.

The issuance by Turkiye Finans, in which Saudi Arabia’s National Commercial Bank is the largest shareholder, is the first ringgit-sukuk done in Malaysia by a Turkish issuer.

Proceeds from the five-year sukuk will fund general corporate purposes and working capital requirements, according to HSBC Amanah Malaysia Bhd. HSBC Amanah and Standard Chartered Saadiq Bhd are jointly advising the Turkish bank.

“Following this debut issuance, we hope to see more cross-border sukuk issuances by Turkish issuers in Malaysia, giving the Malaysian investor community an opportunity to diversify their investments,” said Wasim Saifi, chief executive of Standard Chartered Saadiq, in the statement.

Turkey Finance is one of four Islamic banks in the country, with a sole focus on loans to corporate clients. The bank in June established a 3 billion ringgit programme, with sukuk of one to 20 years.