IslamicFinance.de

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Kuveyt Turk Participation Bank (KTPB) at ‘AA(tr)/A1+(tr)’ (Double A / A One Plus) on the national scale. Ratings on the international scale have also been reaffirmed, with foreign currency rating at ‘BBB-/A3’ (Triple B Minus / A Three) and the local currency rating at ‘BBB/A3’ (Triple B / A Three). Outlook on the assigned ratings is ‘Stable’. The assigned ratings take into account KTPB’s sound financial risk profile, against the backdrop of continued business expansion. Overall profitability position is also healthy; however, efficiency indicators have lagged behind larger players.

Turkish Islamic bank Kuveyt Turk has mandated six institutions for a sukuk with a value of up to $400 million with a maturity of 10 years, it said in a statement to the Istanbul stock exchange late on Thursday.
Kuveyt Turk Participation Bank, which is 62 percent owned by Kuwait Finance House, said it had mandated KFH Capital, Dubai Islamic Bank, HSBC, Noor Bank, QInvest and Emirates NBD as joint lead managers. Sources familiar with the matter told Reuters in September that seven banks had been picked to arrange a potential deal.

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank (Kuwait Finance House–Turkey) on both the short-term and long-term scale to AA-/A-1+ from A+/A-1 previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 and foreign currency assessment at BBB-/A-3. Outlook on the ratings is ‘Stable’. According to IIRA, a significant ratings driver is the fact that the bank stands to benefit from strategic and financial support if needed, both implied and explicit. Additionally, the board and management of the bank have remained stable, with several of the key personnel having been associated with the bank for a number of years.

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank on both the short-term and long-term scale to AA-/A-1 + (Double A Minus /A-One Plus) from A+/A-1 (A Plus/A-One) previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 (Triple B/A-Three) and foreign currency assessment at BBB-/A-3 (Triple B Minus/ A-Three). Outlook on the ratings is 'Stable'. The ratings draw on recent, continued business expansion, reinforced by fresh capital provided by the bank's sponsors. Organization level improvements in terms of strengthening the control areas and adding focus to certain business functions, has also been noted.

Althouth the Turkish participation (Islamic) banking sector isn't as attractive as other sectors, it is one of the most competitive in the global Islamic finance landscape.
Therefore, the datas for the following banks:Turkiye Finans, Asya Bank, Kuveyt Turk Participation Bank and Albaraka Turk Participation Bank is very encouraging.