Lease certificates are securities issued by an asset lease
company ("ALC") for the purpose of
financing all kinds of assets and rights, and which enables its
holders to get a proportionate share from the revenues derived out
of such assets and rights.
Lease certificates may be issued by sales through or without
public offering. Sales without public offering may be in the form
of private placement or sales to qualified investors.
In Turkey, Lease Certificates (Sukuk) are regulated under the
Communiqué of the Capital Markets Board
("Board") dated June 7th, 2013 and
numbered 28670
("Communiqué").
The purpose of the Communiqué is to determine the
qualities of lease certificates, and to set down principles to be
followed in issuance thereof, and to regulate the principles of
foundation and articles of association of asset lease companies,
and kinds and characteristics of assets and rights of which they
may acquire, and activities, management, documentation
