FINANCE - Turkey’s Islamic Bank gets $75 million from IDB

microfinancefocus.com - The Islamic Development Bank (IDB) has assigned $75 million line of finance to Turkey’s Islamic Bank, Turkye Finans Participation Bank. At the 27th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, (COMCEC), in Istanbul, IDB Group President Dr. Ahmad Mohamed Ali signed an agreement with the one of Turkey’s largest Islamic Banks.  (source)

BANKING - Ali Ulker announces to sell for TL 3.6 million shares in Albaraka Turk

Ülker Group, Biscuit, Chocolate, Confectionery President Ali Ulker, Albaraka Turk Participation Bank will sell shares. Nominal value of £ 1 million 628 thousand 598 shares of Albaraka Turkish stock market for the sale of the Central Registry organization (MMKK) that reference Ali Ülker, that will sell the shares, the capital of the bank's 0.3 percent of falls.

Albaraka Turk, according to yesterday's closing price of 2.25 pounds which is the subject of the sale of 3 million shares of market value is equivalent to 664 million pounds. (source  - google translate)

FINANCE - IDB approves $716.7m funding for new projects (75 million USD credit for Turkish Islamic bank included)

JEDDAH: The board of directors of the Islamic Development Bank (IDB) Group has approved new finances worth $716.7 million for new development projects in member countries.

The board met here Tuesday on the sidelines of the IDB annual conference. (source)

FINANCE - ECONOMY - Ergun calls on Saudi firms to prefer Turkey instead of China (finance included)

Ergun called on Saudi companies to prefer Turkey instead of China, Japan and United States.

Turkish Industry & Trade Minister Nihat Ergun, who is in Saudi Arabia for talks, addressed Saturday top executives of Saudi companies that control $300 billion and urged better commercial ties with Turkish companies.

"Economic relations between Turkey and Saudi Arabia is not at a desired level. Our trade volume in 2002 was $1.3 billion. In 2010, it reached $4.6 billion. However, it is not possible to economically explain such a low trade between two large G20 economies," Ergun said. (source)

FINANCE - IDB members urged to support ISFD

JEDDAH: A meeting of experts at the Islamic Development Bank (IDB) on Wednesday urged member countries to fulfill their pledges to the capital of the Islamic Solidarity Fund for Development (ISFD), which was established for poverty alleviation in the Islamic world.