Turkiye Finans Katilim Bankasi, a Turkish Islamic bank, issued a $500m sukuk, an Islamic-compliant bond, at a yield of 3.95%, it said on Monday.

In a statement, Turkiye Finans, majority owned by Saudi Arabia's The National Commercial Bank, said the five-year sukuk attracted $1.9bn in demand from 95 investors. HSBC, Citigroup, NBC Capital and Noor Islamic Bank arranged the sale.