www.todayszaman.com - Albaraka Türk, one of
Turkey's leading participation banks, opened its first branch at a
well-attended ceremony on Wednesday in Arbil, the capital of the Kurdish
Regional Government (KRG).
Albaraka Türk, established in 1985,
selected Arbil as its first international location due to the high
growth potential of the city and the high demand for financing there,
both from individuals and businesses, Albaraka Türk General Manager
Fahrettin Yahşi told participants at the opening ceremony. He added that
he is honored to contribute to furthering the growth of economic ties
between Turkish and KRG businesses and to finance Iraqi businesses.
Albaraka is the first participation bank -- a type of Islamic bank that
provides interest-free financing -- to open in Arbil. (source)
Arbil Governor Nozad Hadi, as well as a number of Kurdish ministers and the Turkish consul general in Arbil, Aydın Selcen, were also present at the ceremony. Governor Hadi said relations with Turkey carry major importance because Turkey has provided Iraqi Kurdistan with many commercial opportunities and this economic cooperation will help contribute to a more developed and prosperous Kurdistan.
KRG Industry and Commerce Minister Sinan Chalabi said Turkey is Kurdistan's open door to the world, and that the opening of Albaraka Türk -- which is the fourth Turkish bank in Arbil -- is proof that their economic relations have boomed.
Chalabi also praised the operations of Turkish businesses in Kurdistan. He said that “no other firms can compete with Turkish firms because they are of higher quality and have cheaper prices. Also, they finish their projects early.” He added: “If anyone saw Arbil seven years ago, they would not believe the progress. We wish to continue developing with contributions from, and the cooperation of, Turkey.” Just over half, 52.7 percent, of all foreign firms operating in Kurdistan are Turkish.
Source : http://www.todayszaman.com/news-278661-albaraka-turk-opens-first-overseas-branch-in-n-iraqs-arbil.html - April 26, 2012
Arbil Governor Nozad Hadi, as well as a number of Kurdish ministers and the Turkish consul general in Arbil, Aydın Selcen, were also present at the ceremony. Governor Hadi said relations with Turkey carry major importance because Turkey has provided Iraqi Kurdistan with many commercial opportunities and this economic cooperation will help contribute to a more developed and prosperous Kurdistan.
KRG Industry and Commerce Minister Sinan Chalabi said Turkey is Kurdistan's open door to the world, and that the opening of Albaraka Türk -- which is the fourth Turkish bank in Arbil -- is proof that their economic relations have boomed.
Chalabi also praised the operations of Turkish businesses in Kurdistan. He said that “no other firms can compete with Turkish firms because they are of higher quality and have cheaper prices. Also, they finish their projects early.” He added: “If anyone saw Arbil seven years ago, they would not believe the progress. We wish to continue developing with contributions from, and the cooperation of, Turkey.” Just over half, 52.7 percent, of all foreign firms operating in Kurdistan are Turkish.
Source : http://www.todayszaman.com/news-278661-albaraka-turk-opens-first-overseas-branch-in-n-iraqs-arbil.html - April 26, 2012
