IslamicFinance.de

The fifth International Albaraka Calligraphy Competition Exhibition meets art lovers on Instagram. Albaraka Türk continues to boost its success in culture and art events as well as in participation banking. The fifth edition of the bank’s International Calligraphy Competition Exhibition was postponed due to the coronavirus pandemic and later went online on Instagram. The works in the competition have been decorated with illumination and included in the collection. The exhibition has been given a new form with unique content and presented to art lovers on Albaraka Sanat's official Instagram account ( https://www.instagram.com/albarakasanat/) with over 70 stories in total.

AlBaraka Türk launches basic online Islamic account services in Germany utilizing solarisBank as service provider and license holder.

The Participation banks achieved a profit of approx. $223.29 million in the first half of 2017 with an increase of 36 % compared to the same period the year before. According to information put together by the non-consolidated financial statements of Albaraka Türk, Kuveyt Türk, Türkiye Finans Participation Bank, Vak?f Participation and Ziraat Participation, the total assets of participation banks increased by 7.7 % compared to the end of last year, exceeding $41.52 billion. In the first half, the net profit of the sector increased by 36 %.
Among the participation banks, Kuveyt Türk achieved the highest net profit in the first half, followed by Türkiye Finans Participation Bank, Albaraka Türk, Ziraat Participation and Vak?f Participation. By the end of June, Kuveyt Türk was the leader of the sector, followed by Türkiye Finans Participation Bank and Albaraka Turk.
Speaking to Anadolu Agency regarding the first half results and expectations of the participation banks, Melik?ah Utku, chairman of the Participation Banks' Association of Turkey (PBAT), stressed that the participation banking sector is in a significant development process and has serious potential in Turkey.

In an unexpected move, Dubai Islamic Bank (DIB) pulled out of Albaraka Türk's latest $450m murabaha loan because it did not think the loan was Shariah compliant, according to two bankers on the deal. Turkish participation bank Albaraka Türk has signed a $450m-equivalent one year loan, which it increased from the $400m launch size.

Turkish participation bank Albaraka Türk will sign its murabaha loan next week and increase the deal from the $400m launch size, according to bankers on the deal. The deal is comprised of a 367 day tranche with a margin of 110bp and a two year and three day tranche paying 125bp, according to one banker on the deal.

Turkish participation bank Albaraka Türk is set to close books for its $400m-equivalent murabaha loan next week. Albaraka Turk is expected to sign the loan in mid-September, according to a banker on the deal. The $400m-equivalent deal has one year and two year tranches in euros and dollars.

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.