BANKING - Albaraka Turkey sees growth despite problems

Albaraka, a domestic participation bank, will grow 20 percent this year and intends to open 17 more branches in Turkey by year’s end and neighboring countries despite a shrink in the sector, according to bank officials.

The bank’s growth plan depends on expanding in Turkey and abroad with methods particular to participation banks, said Fahrettin Yahşi, general manager of the lender. (source)

BANKING - Al Baraka Turkey unit's operating income rises

MANAMA: Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group, showed an increase in total operating income of three per cent to $281 million in 2010. After deducting expenses, provisions and taxes, net income increased by 35pc to $94m for the period.

"We are very pleased with the excellent results that the bank achieved in 2010," said Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif.  (full story)