IslamicFinance.de

Bahraini Islamic bank Al Baraka Banking Group set its purpose for 15% growth in net profit this year and wants to buy a 75pc stake in an unlisted Indonesian bank as part of its global expansion plan.
Adnan Ahmed Yousif, Al Baraka's chief executive, revealed that they are discussing with Chinese shareholders of an Indonesian bank.

Al Baraka had a 2011 full-year profit of $212m, up 10pc on the profit registered in 2010. The bank plans to open 50 more branches this year throughout the world, out of which 20 will be in Turkey and five in Algeria, respectively Egypt.

It seems that Citigroup Europe is interested in entering into the sukuk market in Turkey. The statement came from Alberto Verme, the group’s Middle East and Africa (EMEA) board director.
Interest-bearing bonds are not permissible in Islam., so sukuk securities are structured to comply with the investment principles of Islamic law.

Adnan Ahmed Yusuf Abdulmalek, head of Union of Arab Banks, noted that interest by Gulf lenders in Turkey’s Islamic banking market is on the rise. Leading Arab banks are currently inspecting opportunities to penetrate Turkey’s growing finance market, added the top executive of Union of Arab Banks.
Arab banks and investors have been stimulated by the decision for investing in Turkey’s banking sector and possible investors consider founding new banks as well as merger and acquisitions with Turkish banks.

According to the chairman of Kuwait Finance House in Turkey, Mr. Mohammed Al-Omar, the bank plans to go on with its pivotal role in the Turkish market, in addition to binding its strategy that is based on strengthening economic relations with neighboring countries, and with Kuwait and other GCC countries.
He added that the bank also wants to further offer Islamic products and instruments that can enlarge the horizon of Islamic banking in the Turkish economy, such as sukuk, murabaha, and ijarah. He underlined the fact that the bank presented products that never existed before in the Turkish market, such as the gold account and sukuk.

Ahmad Mohamed Ali, the president of the Islamic Development Bank (IDB), has given notice that the euro zone sovereign debt crisis is adversely affecting the Bank's member countries and urged European leaders to find the right solutions and not to repeat the mistakes of the past.
He explained at the "Islamic Finance on the 21st Century" symposium which was held in Madrid on Dec. 1 that Turkey, Morocco, Tunisia and Algeria are very much affected as exports begin to decline because of the credit crunch and economic situation in the European Union (EU).

Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan was present at at the signing ceremony and press conference for the second "Sukuk" issuance that accepted great interest from the Gulf Region and European investors.
Other officials from lead arranging banks also attended: Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.

This is the first Turkish Sukuk under the new Sukuk regulations presented by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
The joint lead managers were HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC was seen as certificateholders’ representative on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Kat?l?m Bankasi.

Noor Islamic Bank has been assigned to arrange and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
Noor revealed details of its financial dealings in Turkey on the eve of the Islamic Investment and Finance Forum, planed to take place in the Turkish capital Istanbul, from October 24-27.
During the four-day Islamic Investment and Finance Forum, leading regional and international Islamic finance experts will debate a range of key topics for the Islamic finance industry including how to revive the global sukuk markets,following the financial crisis; kick starting sukuk markets in frontier economies; new business opportunities for Islamic syndicated finance and the future of Participation (Islamic) banking in Turkey.

A strong demand for a sukuk launched by Turkish bank Kuveyt Turk last month underlines how Turkey has the chance to become a major source of Islamic bonds for Gulf investors who are looking to diversify geographically.
The $350 million sukuk was only the second sukuk issued from Turkey.
Although until now Gulf investors have not focused on bonds from Turkey, the relatively comfortable way in which Turkey's economy is coping with global weakness may change their mind.

Because of the recent global financial crises appetite for Islamic Private Equity has surfaced.
Joined by over 50 expert regional and global speakers, Ihab Asali, QFIB Head of Private Equity embraces the global rise of Islamic Private Equity at the recently concluded Islamic Investment and Finance Forum, in Istanbul, Turkey.
Ihab along with other panellists discussed and investigated the potential of Islamic Private Equity after the economic downturn, ways to increase Islamic funds and its impact on the Private Equity market and where quality Islamic Private Equity opportunities are likely to come out.

The Islamic Development Bank (IDB) latest $75 million line of financing to Turkiye Finans Participation Bank emphasizes the proactive involvement of the multilateral development bank of the Muslim world in Turkey over the last three decades.
The financing facility is part of the IDB Group's Member Country Partnership Strategy (MCPS) program for Turkey which was launched in 2010 and which includes the period 2010-2013 and beholds a total financing envelope of $2 billion from IDB Group to Turkey.

Turkye Finans Participation Bank was given $75 million line of finance by Islamic Development Bank (IDB). An agreement was signed by IDB Group President Dr. Ahmad Mohamed Ali with one of Turkey’s largest Islamic Banks. This proccess took place at the 27th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, (COMCEC), in Istanbul.
The agreement brings long term financing opportunities to small and medium enterprises in Turkey through Installment Sale, Ijara and Istisna’a modes of Islamic finance.

Because of the ongoing unrest in North Africa and the Middle East, many investors from Gulf countries have been directed to Turkey.
Hussain Alqemzi, Noor Islamic Bank’s chief executive officer, stated that the Noor Islamic Bank has been assigned to arrange and manage more than $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, becoming the most active United Arab Emirate bank in the country.
The total trade volume between Turkey and the six member states of the GCC, Bahrain, Kuwait Oman, Qatar, United Kingdom of Saudi Arabia, United Arab Emirates, reached approximately more than $17 billion last year.

Kuveyt Turk has given a price to its $350m five-year sukuk. It seems that the paper priced at par with an expansion of 447.5 basis points over midswaps and had a profit rate of 5.875 percent.

Noor Islamic Bank has been assigned to put in order and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
The bank revealed details of its financial dealings in Turkey on the eve of the Islamic Investment and Finance Forum, scheduled to take place in the Turkish capital Istanbul, from October 24-27., where it will be the Sukuk partner for the event.
During the four-day Islamic Investment and Finance Forum, leading regional and international Islamic finance experts will talk about a range of key topics for the Islamic finance industry including how to animate the global sukuk markets, following the financial crisis; kick starting sukuk markets in frontier economies; new business opportunities for Islamic syndicated finance and the future of Participation (Islamic) banking in Turkey.

Hansonwade’s Summit on scalable business models for Islamic Microfinance will take place from January 30 to February 1, 2012 in Istanbul, Turkey.

The focal point of the summit will be on identifying the potential business models available and their challenges. At the summit Tijara, USAID, Akhuwat, Al-Amal Microfinance Bank, Tanzania eco-Volunteerism and CWCD will share their projects.

Event Website:
http://islamicmicrofinance-summit.com/

Bank Alkhair is looking for small boutique banks in Malaysia to acquire, so that it can expand its presence in south east Asia and to win ringgit exposure.
The bank operates in Saudi Arabia, Malaysia and Turkey, primarily in the Islamic investment banking field.
Ikbal Daredia, CEO of its Malaysian operation, stated that Alkhair has put a target on some small institutions as takeovers, but underlined that nothing was going in the near future.

It seems that Citi has led the first ever exchange, tender and consent solicitation ever executed in the Sukuk market. It has also led the first Islamic deal ever done in Turkey, that was a US$100 million issue. The statement came from The Banker.

Junaid Ahmed, President & CEO Dubai Islamic Bank Pakistan Limited, revealed the prospects of finding shari’a compliant solutions in the banking industry in an interview given to Profit.
He stated that DIBPL has always looked for its strength in its slogan and being the first Islamic Bank of the world and having a global presence in the UAE, Jordan, Turkey, Sudan and Bosnia, the bank is in a position to present the best mix of banking services to their customers.

Real Estate Department at Kuwait Finance House will participate in the real estate and investment expo organized by Top Expo Group at the Fair Ground. KFH will introduce its financing services for all kinds of real estate, such as residential, investment, commercial, and industrial for local real estate; in addition to financing real estate in most countries worldwide.
Furthermore, KFH presents clients the possibility to acquire real estate in Bahrain through Murabaha and Ijarah.