Erdogan Feud With Gulen Turns Asya Sukuk to World’s Worst
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A feud between Turkish President Recep Tayyip Erdogan and a U.S.-based Islamic cleric has made sukuk from Asya Katilim Bankasi AS the worst-performing in the world.
Debt from the Shariah-compliant lender known as Bank Asya, which was founded by followers of Fethullah Gulen, has lost 29 percent this year, compared with an average 4.5 percent return for dollar-denominated sukuk globally, according to data compiled by Bloomberg.