Turkey

Will Bill Gates and Warren Buffett visit Turkey?

Bill Gates and Warren Buffett began an expedition in order to promote their commitment named ‘Giving Pledge’. This commitment is an engagement made by billionaires to give away at least half of their wealth.
The question is if the next stop for this programme is Turkey.
At this point this programme appears to be not so welcomed, as in China Buffett and Gates got a pretty indifferent response, in public at least, and none of India’s economic winners has yet signed on.

Norton Rose advises on the largest Islamic syndication made in Turkey to date

Norton Rose (Middle East) LLP has advised Citibank as arranger in relation to a US$300,000,000 dual tranche Murabaha syndicated facility for Turkiye Finans Kat?l?m Bankas? A.S., an Islamic bank in Turkey 60% owned by the National Commercial Bank of Saudi Arabia. It is the largest Islamic syndication in Turkey to date.
The initial transaction size was increased to US$300,000,000 due to high interest from banks in Europe, Middle East and Asia.

Al Baraka Turkey unit's operating income rises

Al Baraka Turk Participation Bank showed an increase in total operating income of three per cent. After deducting expenses, provisions and taxes, net income increased by 35 per cent for the period.
Turkey is considered as one of the key markets for the group because of the diversity and abundance of economic activities and huge promising opportunities that it offers.

Kuveyt Turk epitomizes optimism of participation banking sector

Kuveyt Turk Participation Bank (KTPB) has set the tone by venturing abroad into Germany, Dubai, Bahrain and Kazakhstan and by pioneering new products based on physical gold and exporting them to markets in Malaysia and elsewhere through the global network of KFH. These include gold-backed exchange traded funds (ETFs), gold-backed banking accounts and sukuk. Ufuk Uyan, CEO of Kuveyt Turk Participation Bank has been at the forefront of the expansion of KTPB, taking it to the top 10 tier of Turkish banks. Here Ufuk Uyan discusses with Arab News the state of the participation banking sector in Turkey, the performance of KTPB in 2010 and the prospects and challenges for the industry in 2011 and beyond.

India may get its 1st foreign Islamic Bank in Bank Asya

India may soon get its first foreign Islamic bank with the Reserve Bank of India (RBI) seeking government approval to allow Turkey's Bank Asya to offer Shariah-compliant lending in the country. Bank Asya is keen to start its Indian operations through a representative office in Mumbai.
RBI has requested the government to consider the Turkish bank's application within 45 days.

QIB interested in Bank Asya?

Qatar Islamic Bank (QIBK) acting CEO Ahmad Meshari declined to comment on a report in Haberturk newspaper on March 10 that the bank plans to buy 25 % of Asya Katilim.

Qatar Islamic Bank looking to Turkey, Islamic Windows in Qatar, CEO said

Qatar Islamic Bank wants to enter the Turkish market and is looking into buying other Islamic units in Qatar, its acting CEO Ahmad Meshari said in Doha yesterday.

Anadolu Sigorta, Aygaz, Bank Asya: Turkey Equity Market Preview

The following stocks may be active in Turkey:
- Anadolu Anonim Turk Sigorta Sirketi (ANSGR TI)
- Asya Katilim Bankasi AS (ASYAB)
- Aygaz AS (AYGAZ)
- Turkiye Vakiflar Bankasi TAO (VAKBN)

IILM Targets To Issue First Shariah-Compliant Financial Instruments By Year-End

The International Islamic Liquidity Management Corporation (IILM) is expected to issue the first Shariah-compliant financial instruments by year-end.
The minimum size of the instruments could be US$300 million depending on the market demand.
The IILM was established on October 2010 with 14 founding shareholders, comprising the 12 central banks of Indonesia, Iran, Kuwait, Luxembourg, Malaysia,Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey, and the United Arab Emirates (UAE), as well as two multi-lateral institutions, the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.

KFH-Turkey to launch a $500 million Islamic bond

Kuwait Finance House's (KFH) Turkish unit will launch a 500 million US dollar Islamic bond by the end of the year.
Mohammed Al-Omar said the Islamic lender will issue the benchmark Sukuk following the success of Turkey's first Islamic bond offering, from lender Kuveyt Turk in August.
Al-Omar noted that the law is a significant step forward that reveals a great desire by many Turkish companies that have good assets but lack the suitable financing to expand locally and overseas to benefit from this new financing instrument; especially after those companies realized the numerous benefits of Sukuk, which include providing financing through Sukuk while neither hindering projects nor exhausting their budgets.

Turkish Parliament passes tax neutrality law for Sukuk Al-Ijara

Almost unnoticed, the Turkish National Assembly in Ankara passed the Finance Bill 2011 in February 2011 which includes tax neutrality measures for Sukuk Al-Ijara (leasing certificates) thus paving the way for a spate of corporate Sukuk issuances in the country.
The Istanbul Stock Exchange also launched the first Participation Bank Index paving the way for Islamic equity funds and products to be launched in the Turkish market.

Turkey’s Bank Asya mandates for murabaha loan

Bank Asya, one of Turkey’s four Islamic banks, has mandated ABC Islamic Bank, National Bank of Abu Dhabi and Standard Chartered to arrange its $150m dual currency one year murabaha loan.

Neova implements Islamic insurance system in Turkey

Insurance company Neova Sigorta is set to implement takaful in Turkey.
The company will distribute its profits to customers. Neova Sigorta will be able to implement the takaful system once it begins to make a profit in three to four years.

Turkey’s first Islamic fund to open after new index

This year following the creation of a Sharia-compliant share index on the country’s main stock exchange will start Turkey’s first investment fund to comply with Islamic rules.
Bizim Securities will seek to raise an initial 100 million Turkish Liras ($64 million) to start investing in the second half of this year.

ICD, Yemen, TOBB pledge cooperation

A Memorandum of Intents (MOI) on cooperation in designing funding, developing and operating industrial zones projects was recently signed by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, the Ministry of Industry and Trade of Yemen, and the Union of Chambers of Commodity Exchanges of Turkey (TOBB).
The MOI aims to launch and facilitate cooperation and coordination among the three parties in the formulation, development, promotion and implementation of industrial zones in Yemen as a model of special economic zones based on partnership between the public and private sectors through the use of the Turkish experience in organized industrial zones as well as the international best practices and experiences.

Turkish film about so-called 'Islamic' investment scam successfull internationally

Ben Verlong’s thriller “Takiye: Allah’?n Yolunda” a Dutch-Turkish joint production dealt with a major investment scam that lost many people’s life savings and the disappearance of investors along with huge amounts of money. The film starred Erhan Emre as a man who trusts his money in an Islamic investment, convincing those around him to do the same, only to be left empty-handed after the company goes bankrupt with the executives nowhere in sight.

The story is based on a major investment scam, which attracted substantial amounts in Germany from Turkish migrants.

Malaysia, Yemen, Gulf Investment, France: Islamic Bond Alert

The following borrowers are expected to sell Islamic bonds: MALAYSIA, YEMEN, DUBAI, GULF INVESTMENT CORP., FRANCE, SAUDI INTERNATIONAL PETROCHEMICAL CO., GENERAL ELECTRIC CO., PALESTINE MONETARY AUTHORITY, NAKHEEL PJSC, SABAH CREDIT CORP., CREDIT AGRICOLE SA, NOOR ISLAMIC BANK, NATIONAL COMMERCIAL BANK, KPJ HEALTHCARE BHD., EMIRATES TELECOMMUNICATIONS CORP., SENEGAL, ALBARAKA BANKING GROUP., ISLAMIC DEVELOPMENT BANK, THAILAND, KNM GROUP BHD., CAGAMAS BHD., SAUDI ARABIAN OIL CO., GAMUDA BHD., EGYPT, PT BANK MUAMALAT INDONESIA, SENAI-DESARU EXPRESSWAY BHD., MALAYSIA DEBT VENTURES BHD, INDONESIA, TURKEY, KAZAKHSTAN, PHILIPPINES, SAUDI ELECTRICITY CO., EMIRATES INTEGRATED TELECOMMUNICATIONS CO., LAFARGE MALAYAN CEMENT BHD..

Kuwait’s KFH liquidates Turkey real estate fund

Kuwait Finance House (KFH) reported a net profit of $10m following the liquidation of a real estate fund targeting the Turkish market.
The liquidation process seem to come with a return on investment of 14 percent.

Islamic finance liquidity body to issue sukuk in '11

A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity.
The Islamic Financial Services Board (IFSB) said in October it would set up the International Islamic Liquidity Management Corporation to issue sharia-compliant instruments.
The liquidity management company will be backed by 11 central banks, including Malaysia, Iran and Turkey and some Gulf states and is expected to have up to $1 billion in authorised capital.

Turkey's participation banks post $387.3 mln of net profit in 9 months

The funds collected at participation banks were up 13 percent and reached 30.4 billion TL (21.1 billion USD).
The number of participation bank branches was up 6 percent to 595 and the banks employed 12,404 people in the mentioned period.
The Participation Banks Association of Turkey has currently four members, including Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans.

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