CAPITAL MARKETS - FRANCE - Al Baraka to launch 100 mln euro bank in France by H1 2012 - Albaraka Turk to issue Sukuk

JEDDAH, Saudi Arabia, Aug 11 (Reuters) - Bahraini Islamic lender Al Baraka will expand to France next year and expects to launch a bank with a capital of 100 million euros ($142 million) by the first half of 2012, the bank's top official told Reuters.

Al Baraka had announced in 2009 its plan to launch operations in France but had to postpone it due to the financial crisis. (source)

BANKING - Turkey Equity Movers: Anel Elektrik, Albaraka Turk, Arcelik, Koc

Albaraka Turk Katilim Bankasi AS (ALBRK TI): The Turkish unit of Manama-based Albaraka Banking Group BSC plans to hire banks by the end of next week to raise $200 million with a murabaha Islamic syndicated loan, according the bank's group Chief Executive Officer, Adnan Ahmed Yousif. The shares were unchanged at 2.26 liras. (source)

BANKING - Albaraka Banking Group’s Egypt and Turkey Units to Raise Funds

Albaraka Banking Group (BARKA) BSC’s units in Egypt and Turkey are planning to sell Islamic bonds and seek a Shariah-compliant syndicated loan, Chief Executive Officer Adnan Ahmed Yousif said.

Al Baraka Bank Egypt ESC, the group’s Cairo-based arm, expects to raise 1 billion Egyptian pounds ($168 million) from the sale of 10-year Islamic bonds this summer. In Istanbul, Albaraka Turk Katilim Bankasi AS (ALBRK) plans to raise $200 million with a murabaha Islamic syndicated loan, Yousif said in a telephone interview yesterday. (source)

BANKING - Al Baraka Turk unit opens new Head Office

Source picture

Al Baraka Turk, one of the subsidiaries of Bahrain-based Al Baraka Banking Group has announced the opening of its head office in Turkey.    

 

The new head office was inaugurated by Turkish Prime Minister Recep Tayyip Erdogan.

 

"We see this magnificent building as a materialised symbol of our 25 years of successes and our bright future," said Al Baraka general manager Fahrettin Yahsi. 

"Many Arab banks are interested in Turkey and waiting in the queue to operate in the country," said Al Baraka Banking Group president and chief executive Adnan Yousif.

"Since the beginning of its operations in 1985, Al Baraka Turk managed to bring a different vision to the Turkish financial sector with its new financial model and understanding that it represents and is making breakthroughs with its vision to become the best participation bank in the world," he added.-TradeArabia News Service

BANKING - Turkish banking boom inviting for Arab banks, Albaraka executive says

Star - Banking institutions in Arab countries impressed by Turkey’s solid financial system and highly profitable banking industry consider opening branches in the country, according to Albaraka Turk CEO Adnan Ahmed Yusuf Abdukmalik. “A number of Arab banks are in line to take part in Turkey’s booming banking sector,” said Abdulmalik at the opening of its new head office in Istanbul. Citing the growth of the Turkish banking sector, Albaraka Turk chief said he believes that cooperation between the Turkish and Arab banking industries would bring about even greater development. Arab banking industry is estimated to be around USD 3.2 trillion in size and 2010 profits amount to USD 36 billion.

A member of the Saudi-based Albaraka Financial Services Group, Albaraka Turk has been in operation in Turkey as a participation bank for 30 years and has 120 branches throughout the country .(source)

BANKING - Al Baraka eyes $300 mln sukuk, further expansion - Albaraka Turk set for $250 mln sukuk

Sees $300 mln sukuk by Sept, no plans for sukuk programme; CEO says reviewing Oman Islamic banking prospects; Nomura Bank mandated as advisor for Islamic megabank

Bahrain's Al Baraka Bank expects to sell $300 million worth of Islamic bonds by September as it looks to secure long-term financing to fund its expansion plans, its chief executive said on Wednesday.

Previous plans to issue Islamic bonds, or sukuk, were thwarted by the onset of the financial crisis and, more recently, the regional unrest, said Adnan Ahmed Yousif in an interview with Reuters.

The Islamic lender had previously announced plans for a $500 million sukuk programme but had shelved that, he said. (full story)

BANKING - Turkish delight for UAB

According to the Today's Zaman website Adnan Yousif, chairman of UAB has said that banks from the Gulf are looking for Turkish banks to acquire. Yousif was speaking at the Enhancing Shamgen Banking: Turkey, Syria, Lebanon and Jordan conference in İstanbul when he indicated that big Arab banks such as Al Rajah Bank, Qatar National Bank and Abu Dhabi Islamic Bank were seeking opportunities to become established in Turkey by purchasing a national bank. (full story)

VIDEO - Albaraka Turk - remembrance Dr Adnan Buyukdeniz 20 Ekim 2009 (2)

Albaraka Turk - clip - remembrance Dr Adnan Buyukdeniz (2)

BANKING - Shariah Experts Push for Scholar Certificates: Islamic Finance

Sept. 1 (Bloomberg) -- Leading Islamic finance scholars are preparing the first global certification for Shariah experts, seeking to bolster the industry’s reputation and make it easier for banks to find qualified advisers.

BANKING - Al Baraka Turk plans $250 mln Islamic loan

DUBAI, Aug 22 (Reuters) - The Turkish subsidiary of Bahraini Islamic lender Al Baraka has mandated banks for a $250 million sharia-compliant facility, the chief executive of the parent company said on Sunday.

"We'll be signing it on September 15," Adnan Yousif, chief executive of Al Baraka, told reporters.


The lead arrangers of the murabaha facility for Al Baraka Turk are Standard Chartered, Lebanon's Blom Bank and a subsidiary of Bahrain's Arab Banking Corporation, Yousif said.


The facility will be used for general corporate purposes, he added.