Kuveyt Türk

#Turkish participation banks' #profit #soars 36 pct in first half

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.

Kuveyt Türk to issue sukuk valued at TL 200 million

Kuveyt Türk will sell sukuk to qualified investors as well as to people through public offerings as part of the TL 1 billion ($373.65 million) issuance ceiling program taken from the Capital Markets Board in 2015. Therefore, the bank plans to issue TL 200 million of sukuk, which is due for 189 days after collecting demands on June 24, June 25 and June 26. Additionally, it aims to issue TL 800 million of sukuk in total by the end of 2015 to increase its resource diversity. Investors' interest in the bank's issuances valued at TL 1 billion from 2014 to 2015 and public offerings valued at TL 150 million in 2013 showed possible growth in the upcoming issuances, and this is why the bank has increased its aims.

Kuveyt Türk Bank to reach 320 branches across Turkey in 2014

Istanbul-based participation bank Kuveyt Türk, which raised its profit by 20 percent to 300 million Turkish Liras last year, announced ambitious plans for 2014. The lender is aiming to reach 320 branches across Turkey, opening a branch in Qatar and establishing a bank in Germany in 2014. In addition to this, it is planning to issue a Malaysian ringgit- or dollar-denominated sukuk in Malaysia, according to Kuveyt Türk CEO Ufuk Uyan. The Istanbul-based bank has applied to Germany’s Federal Financial Supervisory Authority (BaFin) in order to carry out its loan and deposit operations in Germany in October. The bank has opened 47 branches within Turkey, extending the number of its branches operating domestically and abroad to 267.

Turkish Bank to Open First Sharia-Bank in Germany, FTD Reports

Financial Times Deutschland reports that Kuveyt Tuerk will open the first sharia compliant banking branch in Germany. The bank's headquarters will be in Frankfurt. Other branches are to be opened in other cities with a high density of Muslim inhabitants, according to FTD.

Kuveyt Türk introduces Turkey to "Sukuk" market with pioneering lease certificate issuance

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.

Turkey: Islamic Banking Offering Different Model

Earlier this year, the Istanbul Stock Exchange issued an index of Sharia compliant banks and companies. That attracted the media very much.
It has been made clear that these banks do not charge interest, or “riba”, because it is forbidden according to Islamic law. The way that these banks operate remains unknown.
Four participation banks are currently operational in Turkey: al Baraka, Bank Asya, Kuveyt Türk, and Türkiye Finans. These banks offer a wide range of services, including savings and checking accounts, house and automobile financing, and even Islamic bonds.

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