IslamicFinance.de

Turkish Treasury explores opportunities for a possible Sukuk issuance in value of $1.5 billion that was initially valued at $1 billion. The demand for it is high as the overall market conditions became increasingly challenging. The Turkish Treasury's entrance to the sukuk market shall provide a trustable benchmark to the sector and help boost private issuance around the Gulf and worldwide.

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Albaraka Türk has authorized a number of leading banks to arrange a a $250 million dual-currency syndicated finance facility. This facility shall be used for the expansion of Albaraka Türk's financing activities in Turkey. The tenor of the facility is one year and its profit rate is of 200 bppa over the Libor/Euribor. Among the participating banks are ABC Islamic Bank, Al Hilal Bank, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital, Noor Islamic Bank and Standard Chartered Bank.

The Central bank of Indonesia estimates that the nation’s Islamic assets will improve by 55% this year.
That's why Albaraka Banking Group and Qatar Islamic Bank have a goal: to produce Shariah-compliant financers in Indonesia.
Chief executive Adnan Ahmed Yousif pointed out that Albaraka is ready to spend $100 million on an acquisition.
Indonesia has 11 full-fledged Islamic lenders and 23 other banks that offer Islamic services. The government want to begin selling short-term Islamic treasury bills for the first time in the second half of the year.

The shareholders of the AlBaraka Banking Group re-elected Saleh Abdullah Kamel as the group’s chairman of the for another three year term during a meeting held at Sheraton Hotel on Wednesday. The shareholders’s meeting was attended by 91% of the group’s total shareholding.
The new board includes Saleh Abdullah Kamel, Abdullah A. Saudi, Abdullah Saleh Kamel, Saleh Mohammed Al Yousef, Adnan Ahmed Yousif, Anwar Ibrahim, Abdul Ellah Sabbahi, Ebrahim Fayez Al Shamsi, Yousif Ali Fadil bin Fadil, Jamal bin Ghalaita, Bassem I. Awadallah , Mohyedin Saleh Kamel, Fahad Abdullah Al-Rajhi.

Albaraka Banking Group reduced the size of a March sukuk programme to $250 million (Dh918 million)-$300 million from the planned $500 million.
The bank also plans to issue a $100 million sukuk in Egypt at the end of the year.

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..

Egypt, home to the Arab world’s largest Muslim population, will issue its first Islamic debt guidelines in 2011 to catch up with the Persian Gulf and Southeast Asia and help spur sales.
Al Baraka Bank Egypt ESC, a Cairo unit of Bahrain-based Islamic lender Albaraka Banking Group, may sell dollar- denominated Islamic bonds, known as sukuk, in the second half of 2011.
Al Baraka, Faisal Islamic Bank of Egypt and National Bank for Development are the nation’s only Shariah- compliant financial institutions.

Al Baraka Banking Group said it planned to enter the French market to tap into Western Europe's largest Muslim community reported Will Waterman in Arabianbusiness. Further Al Baraka's units in North Africa are planning tie-ups with French partners to "establish Islamic banking in France", it said in a statement on the Nasdaq Dubai, where it is also listed. However no legal agreements have been finalised

Bahrain Tribune reported on 9 April that, Banque Albaraka D'Algerie, a subsidiary of Bahrain-based Albaraka Banking Group (ABG), announced a net income increase to USD 19 mn in 2007, which is a 34 % growth.

Mohammed Seddik Hafid, Board Member and General Manager of the bank. Adnan Ahmed Yousif is Chairman of the Board of Directors of Banque Albaraka D'Algerie and President and Chief Executive of Albaraka Banking Group.

Source: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093192151