Turkey

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.

Albaraka Sees Indonesia Purchase in First Quarter

Albaraka Banking Group BSC, the biggest publicly traded Islamic lender in Bahrain, expects to complete an acquisition in Indonesia in the first quarter of 2011 as part of an expansion.
The bank has identified targets for the planned transaction in the Asian country. Albaraka has also identified an acquisition target in Malaysia.
Albaraka this year acquired Pakistan’s Emirates Global Islamic Bank Ltd., which boosted its network in the country to about 90 branches. It also began operations in Syria this year.
The Manama-based bank has received approval to set up a representative office in Libya to benefit from the country’s strong trade ties with other markets where the bank operates, such as Egypt, Turkey, Algeria and Jordan.
The bank expects total loans to increase 20 percent in 2010.

ICD signs MoU to promote SEZs

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC) and the Economic Policy Research Foundation of Turkey (TEPAV) signed a memorandum of understanding (MOU) to promote and support the development of Special Economic Zones (SEZs).
Khaled Al-Aboodi, CEO and General Manager of ICD, Dr. Savas Alpay, Director General of SESRIC and Dr. Umit Ozlale, Director of TEPAV, signed the MOU in Istanbul, Turkey, on Oct. 6 on the sidelines of the 26th Session of COMCEC.
The institutions will liaise with one another and would also consider supporting each other through jointly conducting due diligence on specific feasible projects that have been identified for possible cooperation.

Insurance company aims at conservatives in Turkey

Neova Insurance, a joint venture by five companies, aims at atracting customers who are cool towards insurance because of the their religious concerns, said the chief executive officer Tuesday at a press meeting in Istanbul.
Neova Insurance succeeded to realize premium generation of 44 million Turkish Liras by the end of September.
The company’s strategy is established to keep current customer in the system, to be proactive, to share profits and add new customers to the system so on, Koç told the Hürriyet Daily News & Economic Review.
There are many peeople in Turkey who remain “frosty” to insurance companies “due to their religious concerns".
Target of Neova Sigorta founder partners of which consist of various affiliates of Kuwait Finance House, or KFH that is shown as the most important finance organization in its region with equity capital about 6 billion dollars and principal partner of which is Turkapital is to become one of important actors of the market.

Strong H1 seen for Islamic issuance-Noor Islamic

Noor Islamic Bank expects to close a “healthy number” of Islamic syndicated loans and Islamic bonds in the first half of 2011, with Turkey emerging as an active market for Islamic finance.
Aamer Zaidi, head of corporate banking at Noor Islamic Bank, said on Wednesday that the company is involved in a few sukuk issuances in the Gulf region and is also working on syndicated loans within the UAE.
The Gulf sukuk market is poised for a revival as large corporate and supra-national issues come to market following Dubai World’s restructuring accord with 99 percent of its bank lenders as well as Dubai’s successful $1.25 billion conventional bond issue in late September.

Citigroup Plans More Sukuk Sales From Turkey After Kuveyt Turk Bond Issue

Citigroup plans to arrange more sales of Islamic bonds, or sukuk, from Turkey after managing a $100 million issue for Kuveyt Turk Katilim Bankasi AS, an executive at the company said. Citigroup and Liquidity Management House, a unit of Kuwait Finance House KSC which is the owner of Kuveyt Turk, acted as arrangers in Kuveyt Turk’s sukuk sales, the first in Turkey after regulators allowed companies to offer Islamic bonds in April.

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