PUBLICATIONS - Islamic Finance News GUIDE 2012

Turkey: A bumper year for Islamic finance 

 Aytug Buyukatak and Burak Gencoglu

The Turkish financial market maintained its constant development in 2011 and recent reports from reputable international financial institutions project that this development will continue in 2012. In 2011, Sukuk was introduced to the Turkish market by a participation bank, Kuveyt Turk Katılım Bankası, based on the new communiqué on lease certificates which entered into force for the first time on the 4th April 2010. Another significant development for the Turkish legal and financial system is the new Turkish Commercial Code (TCC) and Code of Obligations, which will both enter into force on the 1st July 2012.

Full Guide
Turkey article

ARTICLES - TURKEY: A Special Dynamic to Islamic Finance

As the direction of world trade once again shifts, Turkey, on the borders of Asia and Europe, stands to reap the rewards. SCOTT WEBER looks at a possible Ottoman economic resurgence.

Participation banking in Turkey originates from a 600-year history of raising capital utilizing traditional Islamic contracts, networking and subcontracting. Islamic financing emerged as the result of Muslim entrepreneurship, SMEs and traditional business networks� desire to raise capital in a closed, centralized Turkish market.(source)

ARTICLE - Ahmet Bicer - Private banking potential for Turkish participation banks

2011 Islamic Turkey Article Bicer Ifn
Source : http://www.tkbb.org.tr/download/Ahmet_Bicer_IFN_July.pdf

POLLS - Islamic Finance News Awards - Best Service Providers Poll 2011

Cast your vote today! Recognized as the industry’s leading poll, the 7th Annual Islamic Finance news Best Service Providers Poll prides itself on being the only comprehensive and unbiased guide to the leading service providers within the Islamic finance industry, as voted by the public. A record 1,956 votes were cast for the 2010 Poll – make sure your vote is cast this year. Submit your vote today by clicking on the voting button. The full results will be announced in the 4th January 2012 issue of Islamic Finance news. Conditions: You may only vote once Only votes accompanied by a valid business email address will be accepted You may not vote for yourself or your organization   Closing date for the poll is Wednesday 30th November 2011 By submitting your response, you are entitled to receive a FREE copy of the IFN Special Awards issue (4th January 2012) plus a 2 week access to Islamic Finance news content – www.islamicfinancenews.com If you have any questions or need more information, please contact us directly. Yours sincerely, Andrew Morgan Publisher & Managing Director Islamic Finance news REDmoney Group Andrew.Morgan@REDmoneyGroup.com Tel: +60 3 2162 7801 Fax: +60 3 2162 7820

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Agenda hereunder and on website

ARTICLES - REGULATIONS - The future of participation banks and new banking licences in Turkey

The market share of participation banks in Turkey has increased since the 2001 crisis. Ali Ceylan and BURAK GENCOGLU delve into the banking laws in the country and discusses how it may affect the Islamic finance industry. (full article - 19-Oct-2011- Volume8.Issue41)

ARTICLES - Forbidden fruit: Turkey’s tempting Islamic banking sector

IFN.COM - Cover Story - 29-Aug-2011 - Volume8.Issue34

Forbidden fruit: Turkey’s tempting Islamic banking sector economic powerhouse

Turkey has been one of the few economic success stories emerging from the recession, with the highest economic growth rate in the world (11%) in Q1 2011. Despite a dip in 2008 with GDP contracting 14.6%, the economy rapidly returned to growth and GDP grew by 8% in 2010 with a 5% expansion predicted for 2011. Turkish banks were largely unaffected by the global financial crisis, with limited exposure to toxic securities and high retail deposit levels providing a liquidity buffer. The regulator maintains firm control with a focus on preventing excessive credit growth and a ban on foreign currency retail lending, meaning that banks have experienced little funding stress.  Fitch Ratings recently changed Turkey’s ‘BB+’ sovereign rating outlook from stable to positive suggesting that a future upgrade could be on the cards, which will only enhance Turkey’s attractiveness to foreign investors. (source)

AWARDS - IFN - Poll 2010 - Deal of the Year

Turkey Deal of the Year

Kuveyt Turk Participation Bank US$100 million

Albaraka Turk Katilim Bankasi came to the market with a syndicated facility drawn in US dollars and Euros and Asya Katilim Bankasi successfully syndicated US$225 million. Indeed, the Turkish participation banks were very active in 2010. Kuveyt Turk Participation Bank’s Sukuk deal tops the two larger deals as it sets the framework for future issuances both from Turkey and the participation banking sector.

Sukuk Deal of the Year

Kuveyt Turk Katilim Bankasi winner 

There is no denial that the Government of Ras Al Khaimah, 1Malaysia, the two Qatar Islamic Bank linked deals, the Cagamas deals, Islamic Development Bank, and Danga Capital (Khazanah) were among the best Sukuk deals in a good year.  But, the Kuveyt Turk Katilim Benkasi deal (See Deal of the Year) stands out clearly as it opens a new market for the global investor, and creates a model for future issuances from Turkey.

Full results are hereunder :

AWARDS - IFN Islamic Finance News - Poll 2010 - Best Islamic Bank Turkey : Bank Asya

Best Islamic Bank for Turkey is : Bank Asya Katililm Bankasi / Participation Bank.

Best Islamic Leasing Provider : Kuwait Finance House (Kuwait)

Hereunder are the full results :

ARTICLE - The rising sector in Turkey : Participation Banking

First published at IFN - Islamic Finance News

2010 Nov IFN Turkey

EVENTS - Islamic Finance News Roadshow TURKEY (October 20, 2011)

The annual Islamic Finance News Roadshow

Turkey

has been scheduled for October 20, 2011

 

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AWARDS - IFN "Deal of the Year" Awards 2010 - voting deadline Dec 17, 2010

Islamic Finance news, the global Islamic finance news provider, is categorically recognized as the industry's leading publication and authority on the Islamic banking and finance industry. With a world-wide readership in excess of 20,500 industry practitioners and regulators, the Islamic Finance news Deals of the Year Awards offer its winners a truly global audience and a phenomenal vehicle in which to reach ones clients, potential clients and peers.

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