Businessweek.com - Sept. 24 (Bloomberg) -- Albaraka Banking Group BSC and its unit in Turkey may raise a total of $500 million in Islamic bonds this year, Chief Executive Officer Adnan Ahmed Yousif said.
Albaraka Turk Katilim Bankasi AS, the Shariah-compliant Turkish unit of the bank, may sell about $200 million in sukuk by November, while the Bahrain-based parent may raise about $300 million from a similar sale by the end of the year, Yousif said in an interview in Washington today. (source)
The bank is targeting an acquisition in Indonesia, where it seeks to buy a “small” conventional bank and turn it into a Shariah-compliant lender, Yousif said.
Al Baraka Bank Egypt ESC, the group’s arm in the the country where a revolt toppled President Hosni Mubarak this year, is in an “excellent” position and may record a 15 percent growth in profit in 2011, he added.
