Chairman of Kuwait Finance House in Turkey (KFH-Turkey) Mohammed
Al-Omar.
Iwan: 16 branches in Turkey, plans to expand in
Europe
www.zawya.com - Chairman of Kuwait Finance House in Turkey
(KFH-Turkey) Mohammed Al-Omar announced that the bank has achieved TL
195 million net profits in 2011 with 22% increase in 2011. Total assets
increased by 54%, and deposits grew by 8%, while revenues increased by
17% compared to last year. The general assembly approved 16% dividends
for shareholders. He added that such outstanding results were achieved
despite challenging global markets conditions, which cements the fact
that the bank is on the right track to becoming one of the best banks in
Turkey. (source)
Moreover, he said that the bank managed in 2011 to make unprecedented achievements and to cement its presence in the Turkish and neighboring markets. The bank has also offered the Turkish market Sukuk worth USD 350 million, which prompted the Turkish parliament to issue legislations that organize and encourage the issuance of Sukuk; especially after it noticed that the Turkish market highly demands this product.
Al-Omar welcomed the call made by Turkish Minister of Finance to encourage the issuance of governmental Sukuk and reinforce Sukuk issuance in Turkey, since Sukuk has numerous benefits for the Turkish economy. He went on to say that this means that Sukuk has become a main instrument in financing in the Turkish economy. He revealed that the bank is willing to issue Sukuk in Turkish Lira and US dollars, and mentioned that the bank offered its clients the gold investment fund hat is considered to be the first of its kind. The fund was enlisted in the Istanbul bourse, and Turkey witnessed ATM machines that offer gold coins, which are the first of its kind worldwide. In addition, KFH's credit ratings granted by global rating agencies have increased in 2011, not to mention the regional and global awards that the bank has received.
Moreover, Al-Omar stressed that KFH has been successful in strengthening the commercial and economic relationships between Turkey and Kuwait on the one hand, and between Turkey and the GCC on the other. He applauded the role played by the bank's branch in Dubai and Bahrain.Meanwhile, KFH-Turkey's CEO Ufuk Iwan stated that the bank has 186 branches in Turkey, in addition t its branches in Germany, Bahrain, Dubai, and its office in Kazakhstan. He revealed that KFH plans to expand in Europe, and mentioned that the bank considers issuing Sukuk for itself and other Turkish corporations, after the great success that Sukuk has witnessed in the Turkish market. He added that the products and services offered by the bank are highly demanded, which prompts the bank to work relentlessly to meet the requirements of the market and its clients through offering them services and products based on world-class standards.
-Ends-
© Press Release 2012
Source : http://www.zawya.com/story/ZAWYA20120421095133/ - April 21, 2012
