A Turkish bank issued the country’s first sukuk bond this week, as companies outside the traditional Middle Eastern and Asian markets embrace Islamic bonds as a form of financing.

The $100bn three-year sukuk was issued by Kuveyt Turk, majority-owned by Kuwait Finance House, through a special purpose vehicle in the Cayman Islands and listed on the London Stock Exchange. It was the first sukuk ever to have been offered by a financial institution in Europe.