CAPITAL MARKETS - Moody’s move whets appetite for sukuk certificates in liras

www.hurriyetdailynews.com -Turkish participation banks are eager to begin issuing lira based sukuk certificates, as Moody’s upgrades Turkey’s sukuk issue outlook to positive with a ‘Ba1’ ratin.

Moody’s upgraded yesterday its outlook for Turkey’s sukuk issue to positive and gave it a “Ba1” rating on the heels of news that the Turkish Treasury had mandated three international banks – Citigroup, HSBC and Liquidity House – to issue “sukuk certificates,” or Islamic banking vehicles.

The new issue is expected to be completed in two weeks as Turkish banks are eagerly waiting for the Turkish Treasury to finalize the process for a Turkish Lira-based sukuk issuing regulation. Deputy Prime Minister Ali Babacan had previously said on several occasions that the Treasury was working to shape the regulation before the end of 2012.  (source)

CAPITAL MARKETS - Al Baraka revives debut sukuk on record-low yields

www.gulfnews.com -Dubai: Nine months after cancelling its debut sale of Islamic bonds because yields were too high, Al Baraka Banking Group’s Turkish unit is back approaching investors as borrowing costs tumble to record lows.

Al Baraka Turk Katilim Bankasi AS will offer as much as $250 million (Dh917 million) of seven-year dollar-denominated sukuks this year, the group’s Chief Executive Officer Adnan Yousuf said by phone on August 27 from Alexandria, Egypt. The average sukuk yield globally has fallen 91 basis points this year to an all-time low of 3.09 per cent, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The premium to own Islamic debt rather than US Treasuries has narrowed 81 basis points to 204. (source)

BANKING - Albaraka Turk Plans to Raise as Much as $750 Million in 2012

www.bloomberg.com - Albaraka Turk Katilim Bankasi AS (ALBRK), the Turkish unit of Bahrain’s AlBaraka Banking Group (BARKA), plans to raise as much as $750 million through syndicated financing and an Islamic bond sale this year, the group chief executive said.
The bank may raise between $400 million and $500 million from a so-called syndicated murabaha facility next week, CEO Adnan Yousif said in a telephone interview late yesterday from Alexandria, Egypt. The financing will mostly be in dollars, with some in euros, he said. The bank also plans to raise as much as $250 million from the sale of 7-year Islamic bonds this year. (source)

RATNGS - Standard and Poors reaffirms Albaraka Turk participation bank's credit rating

www.ameinfo.com - The rating signifies a positive view of Al Baraka Turk Participation Bank and its strong financial fundamentals and position in the Turkish market. The rating reaffirmation is also a confirmation of Al Baraka Turk Participation Bank's good performance that has been consistent over the years.

The Chairman of Al Baraka Turk Participation Bank Mr. Adnan Ahmed Yousif said "The reaffirmation of Al Baraka Turk Participation Bank's ratings by S&P is a considerable accomplishment and points to its strength as an institution that has shown significant flexibility in these times of financial and political uncertainty across the world.

"Al Baraka Turk Participation Bank's Board Member & General Manager Fahrettin Yahşi stated "The rating reaffirmation indicates the success of Al Baraka Turk in pursuing growth and development in all of its business lines despite the challenging market conditions both domestic and international."  (source)

BANKING - Albaraka Turk mandates for 1 year Murabaha Syndication

www.finansglobal.com - Albaraka Turk, one-year term for $ 250 million murabaha syndicated loans the banks have signed a letter of appointment.

Albaraka

(Finansglobal) - ABC Islamic Bank (EC), Al Hilal Bank PJSC, Bank Islam Brunei Darussalam Berhad, Emirates NBD Capital Limited, Noor Islamic Bank PJSC and correspondent banks led by Standard Chartered Bank, one-year term murabaha syndication will be denominated in USD and EUR .  (source)

CLIPS - Albaraka Turk Bank (English)

CAPITAL MARKETS - Turkey to mandate banks for sovereign sukuk sale - sources - Turkiye Finans plans corporate sukuk

www.reuters.com - ISTANBUL, July 5 (Reuters) - Turkey is set to mandate HSBC, Citi and Deutsche Bank to manage the sale of its first sukuk, or Islamic bond, banking sources told Reuters on Thursday.
The move by the Treasury, overcoming sensitivities about Islamic finance in the secular republic, should give Turkey access to a wider pool of investors via a global sukuk market estimated at more than $100 billion.
One banker said a size of $1 billion was being targeted, but that the sale amount was still unclear.
"The Treasury is about to finalise meetings about its first sukuk issue, and their choice (for the mandate) will be HSBC, Citi and Deutsche," said one senior banking source in London.
A sovereign sukuk from an economy regarded as one of the Muslim world's most progressive and successful would signal intent on Turkey's part to play a bigger role in Islamic finance.  (source)

AWARDS - Albaraka Türk receives Hawkamah award

www.todayszaman.com - Turkish participation bank Albaraka Türk received a corporate governance award at the Middle East’s Industry Awards held in Dubai. Organized by the Corporate Governance Institute, this year Albaraka Türk was among the winners of the prestigious regional Hawkamah Bank Corporate Governance Award, along with the Abu Dhabi Commercial Bank (ADCB) and Bank Muscat.  (source)

BANKING - Turkey Hires Ex-Islamic Banker Oztekin as Chief Regulator

www.businessweek.com -Turkey appointed Mukim Oztekin, formerly of Islamic banks Albaraka Turk Katilim Bankasi AS (ALBRK) and Asya Katilim Bankasi AS (ASYAB), chief of the country’s banking regulator.

The decision to hire Oztekin for five years was published in the Ankara-based Official Gazette today. He last worked as a board member of the Savings and Deposits Insurance Fund, which manages the assets of failed banks, according to state-run Anatolia news agency. He also worked at Turkiye Garanti Bankasi AS (GARAN), the country’s biggest bank by market value. (source)

BANKING - Noor Islamic Bank does $2.2bn syndicated business in Turkey

www.ameinfo.com - Noor Islamic Bank has completed Islamic market mandates valued at over $2.2bn (Dhs8bn) in the past two years in Turkey, cementing its position as the leading UAE bank executing Shari'a compliant syndicated facilities in Turkey.

In its latest foray into the Turkish market, the bank, as an initial mandated lead arranger and joint bookrunner, successfully closed a $350m equivalent dual-currency Murabaha facility for Türkiye Finans Katilim Bankasi. Launched at $150m, the syndicated loan was oversubscribed by more than 2.5 times.

Over the past nine months Noor Islamic Bank has also been the initial mandated lead arranger and joint bookrunner for a $325m facility for Bank AYSA; a $75m facility for HALK Leasing and a $350m facility for Al Baraka Turk Bank.  (source)

BANKING - Interview with Sheikh Saleh Kamel, a pioneer of Islamic banking (Albaraka)

www.arabnews.com - JEDDAH: Saleh Kamel is a leading Saudi businessman and philanthropist who is popular worldwide as a renowned pioneer of Islamic banking and finance. He is the founder of Dallah Albaraka Group, one of the Kingdom's largest and most diversified conglomerates, spanning across 40 countries. He heads the Jeddah Chamber of Commerce and Industry (JCCI) as its chairman, Islamic Chamber of Commerce and Industry (ICCI) and a number of other organizations.  (source)

BANKING - Albaraka Turk opens branch in Arbil-Iraq

CAPITAL MARKETS - Albaraka Turk Falls After First-Quarter Profit Misses Estimates

www.bloomberg.com - Albaraka Turk Katilim Bankasi AS (ALBRK), a Turkish Islamic bank, fell after its first-quarter profit trailed estimates.
The shares dropped 3.1 percent to 1.87 liras at 10:58 a.m. in Istanbul.
Albaraka reported a net income of 39.2 million liras ($22 million), according to a statement to the Istanbul Stock Exchange on Friday, lagging the 51.2 million liras average forecast by six analysts on Bloomberg. The bank earned 41.2 million liras in the first quarter of last year. (source)

BANKING - Goal of becoming the best participation bank Albaraka

www.dunya.com - ISTANBUL - Albaraka Turk Participation banking area of ​​the founders of our country, undergoing transformation. Bank to open branch in Iraqi city of Arbil next week to 130 the total number of branches reached 150 branches to reach the target at the end of the year. Albaraka Turk General Manager Fahrettin Sherlock Holmes, in line with the interest-free banking in 2015, a serious transformation process, they got too far away from the foundation, said: "Continuous as the need to renew yourself, need to improve your processes. We have started a process of transformation within the company in this regard and this process will take approximately 3 years. Our goal is to become the world's best participation bank. to continue our growth plan to a bank in Turkey in 2015, medium-sized, "he said.  (source)

BANKING - Albaraka Turk Gains After Dunya Report of Gulf, Balkan Expansion

www.businessweek.com - Albaraka Turk Katilim Bankasi AS (ALBRK), a Turkish Islamic bank, climbed after Dunya reported it would expand into the Middle East and Balkans, citing Chief Executive Officer Fahrettin Yahsi.

The shares added 1.6 percent to 1.96 liras at 11:25 a.m. in Istanbul, heading for their highest on a closing basis in three weeks. Shares on the overall banking index fell 0.3 percent to 116,770.2.  (source)

BANKING - First Turkish participation bank enters Iraq

www.hurriyetdailynews.com - Albaraka Türk has become the first Turkish participation bank to open a branch in the city of Arbil in northern Iraq. The bank also plans to branch out to Qatar, Bahrain and Dubai in the near term and Europe, specifically Germany, Albania, Bosnia and Kosovo, in the medium term. “We are in Iraq to increase the presence of Turkish firms in the region, to support the development of the region and to modernize the Middle East,” Albaraka Türk’s general manager, Fahrettin Yahşi, told daily Hürriyet. Yahşi said Arbil was the most developed region in Iraq and on the brink of a re-birth, adding that Albaraka Türk was there to help the city reach its target of becoming a future Dubai. (source)

BANKING - Albaraka Türk opens first overseas branch in N. Iraq's Arbil

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)

RATINGS - JCR-ER Eurasia Ratings signs agreement with Albaraka Turk

2012 April Jcr Albaraka Ratings

FINANCE - Noor Islamic to arrange $1 bln Turkish debt by yr-end - CEO - May apply for Turkish banking license by end of this year

www.reuters.com - (Reuters) - Dubai-based Noor Islamic Bank has arranged more than $2 billion of debt transactions in Turkey since the beginning of 2011 and targets a further $1 billion before year-end, its chief executive officer told Reuters in an interview on Wednesday.
"There's huge demand for financing in Turkey, mainly in the SME (small and medium enterprises) business. We've done $2 billion...and expect another $1 billion this year," said Hussain Al Qemzi. (source)

BANKING - Albaraka Turk's share sale will Kigili Abdullah

www.finansglobal.com - (Finansglobal) - Abdullah Kigili, Albaraka Turk, 372 thousand 584 shares owned by Central Registry Agency has registered to sell stock.
According to today's closing value of the shares subject to sale prices at the level of 700 thousand TL. Level of only 0.07 percent of the shares in the bank's capital ratio. (source)