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 - KFH-Turkey profit for Q1 TL87m with 18% increase

www.ameinfo.com - KFH-Turkey Chairman and Kuwait Finance House (KFH) CEO Mohammed Al-Omar announced that KFH-Turkey's net profit in Quarter 1 reached TL87m with 18% increase compared to last year. Assets increased by 43 % to reach TL15bn, while shareholders' equity increased to reach TL1.5bn (17%). Branches increased by 25 branches to reach 183 branches. It is worth noting that 10% of deposits of Q1 come from GCC countries. (source)

BANKING - Kuwait Finance House announces 11.4% increase in deposits, 11.2% increase in total assets - Kuveyt Turk going strong

www.ameinfo.com - Kuwait Finance House (KFH) Chairman Sameer Al-Nafisi announced that KFH has achieved total revenues of KD182.8m during the first quarter of 2012.

Total profits reached KD57.4m, including KD36.9m estimated profit for investment depositors. Net profit for shareholders reached KD20.1m, while earnings per share reached 7 fils. Total assets increased to KD14.2bn, with KD1.4bn or 11.2% increase over the same period last year. Deposits increased to KD9.2bn, with KD938m or 11.4% increase over same period last year.Total shareholders' equity reached KD1.3bn, with KD14m or 1.1% increase over same period last year.

Al-Nafisi highlighted the bank's ability to implement its plans and strategies even in the most challenging of time, which increases the potential of improving financial indicators during the coming period.  (source)

BANKING -Kuwait Finance House plans to continue its pivotal role in Turkish market, says Chairman

ameinfo.com - Chairman of Kuwait Finance House in Turkey Mohammed Al-Omar announced that the bank plans to continue its pivotal role in the Turkish market, in addition to cementing its strategy that is based on strengthening economic relations with neighboring countries, and with Kuwait and other GCC countries.

He added that the bank also plans to continue offering Islamic products and instruments that can broaden the horizon of Islamic banking in the Turkish economy, such as sukuk, murabaha, and ijarah.

Al-Omar went on to say during a forum held in Turkey that was attended by Turkish Minister of Finance and Minister of Economy, in addition to other economic, business and political figures, that KFH-Turkey has become a source of motivation for many Turkish banks and financial institutions. (source)

BANKING - KD70.8m KFH net profits up to 3rd quarter 2011 - Kuveyt Turk passed 170 branches and new sukuk issued

ameinfo.com - uwait Finance House (KFH) Chairman Samir Al-Nafisi announced that KFH - Praise be to Allah - achieved Total Revenues of KD577m resulting in Total Profits of KD193.8m up to the 3rd quarter of 2011, of which shareholders' profits equaled KD70.8m. Earnings per share reached 26.6 fils. 

Assets increased to KD13.3bn with KD1.3bn increase or 10.4% over the same period last year. Deposits increased to KD8.7bn, with an increase of KD1.4bn or 18.4% over the same period last year. (source)

EVENTS - Islamic Private Equity - Qatar First Investment Bank highlights changing trends of Islamic Private Equity

ameinfo.com - The recent global financial crises has changed the sentiment for finance and investments. An increased appetite for Islamic Private Equity has surfaced with its own challenges and trends. Joined by over 50 expert regional and global speakers, Ihab Asali, QFIB Head of Private Equity addressed the global rise of Islamic Private Equity at the recently concluded Islamic Investment and Finance Forum, in Istanbul, Turkey. (source)

FINANCE - Emirates NBD announces Q3 2011 results with operating profit of Dhs5.0bn (yndicated term loan and murhaba financing facilities for banks based in Turkey)

ameinfo.com - Emirates NBD announced its results for the nine months ended 30 September 2011. Positive and resilient operating performance with pre-impairment operating profit of Dhs5.0bn for the 9 months ended 30th September 2011 and Dhs1.8bn for Q3 2011, the highest quarterly level this year.

Net profit for the 9 months ended 30th September 2011 of Dhs2.3bn, up 20% compared with the same period in 2010. Earnings per Share for the period up 23% to Dhs0.38.  (source)

MALAYSIA - REGULATIONS - The IFSB issues two new Exposure Drafts for Public Consultation

ameinfo.com - The Islamic Financial Services Board (IFSB) issues two new Exposure Drafts (EDs) for a three-month Public Consultation period starting today. The EDs are drafts of guiding principles on: 1) Liquidity Risk Management and 2) Stress Testing for institutions offering Islamic financial services (IIFS).

The drafts were approved for issuance by the Technical Committee, in its 25th meeting held in Abu Dhabi on 6 October 2011. The IFSB invites comments from among regulatory and supervisory authorities, international organisations, market players, academics and other interested parties on the two drafts.  (source)

FINANCE - Kuwait Finance House to finance international real estate in Jordan and Turkey

AMEINFO.COM - The Local Real Estate Department at Kuwait Finance House (KFH) will take part in the real estate and investment expo organized by Top Expo Group at the Fair Ground from Monday to Saturday. KFH presents its financing services for all kinds of real estate, such as residential, investment, commercial, and industrial for local real estate; in addition to financing real estate in most countries worldwide.(source)

BANKING - FINANCE - Noor Islamic Bank posts Dhs85m net profit for the period ending June 30th (Albaraka Turk)

Noor Islamic Bank (NIB) recorded a net operating profit of Dhs207m for the first six months of 2011, on a revenue base of Dhs386m. Net profit for the period ending June 30th was Dhs85m. The bank remains adequately capitalized with a capital adequacy ratio of 18.36%. (source)