IslamicFinance.de

The Turkish banking sector will shrink this year if the Central Bank increases the required reserve ratio for banks in a bid to control the already-high credit expansion. This statement was given by Fahrettin Yah?i, general manager of the Albaraka Türk Participation Bank.
Albaraka plans a sukuk, or Islamic bond, sale in September or October, Yah?i said Wednesday on CNBC-e television. The bank may offer at least $100 million of sukuk this year.

The Albaraka Türk Participation Bank and Anadolu Hayat Retirement have signed a cooperation agreement to attract investment from customers cool on interest-based banking and insurance services into individual retirement system.
Since traditional Islamic rules do not permit interest bearing bonds, the venture aims to offer individual retirement products benefiting from non-interest based investment tools rather than interest based profit in attempt to net a potentially lucrative pool of religious clients.
Albaraka Türk Participation Bank General Manager Fahrettin Yah?i said the individual retirement system would grow further once those abstaining from interest-based revenue are also included in the system.