BANKING - Albaraka Turk opens branch in Arbil-Iraq

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 - 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)

BANKING - Foreseeing quick profits, Bank Asya decides to open 15 new branches

www.sundayszaman .com - Bank Asya General Manager Abdullah Çelik has said Turkey's largest Islamic participation bank will significantly increase the number of new branches to be opened this year.
 

Speaking to a group of reporters on the sidelines of a luncheon conference in Washington, D.C., on Thursday, Çelik said the bank is set to open 40 new branches -- equal to 20 percent growth -- by the end of 2012. The bank earlier said it planned to open 25 new branches this year. “We trust in Turkey,” he said, when asked to name the motive for the change.  (source)

BANKING - Move to Baghdad, Iraqi gov’t tells Turkish banks

The tensions between the central Iraqi government and the regional administration in north over disputes on oil fields is affecting Turkish lenders in Arbil. Baghdad calls on Turkish banks in Arbil to carry head offices to the capital city.

Turkish and Northern Iraqi top officials attend an opening ceremony of an airport in Arbil in this March 30 photo before they opened branches of Turkish banks there.  (source)

BANKING - Turkish businesses expand in northern Iraq (Albaraka Turk and Kuveyt Turk follow)

TODAYS ZAMAN - The number of Turkish-owned businesses in the northern part of neighboring Iraq has increased significantly in the past few years, with more companies eager to take a share in the region's growing business potential, figures show. (source)

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 - Albaraka, expects 20 percent increase in net profit

General Manager of Albaraka Fahrettin Yahsi, do not expect decline in profitability in 2011, predicting net profits increase again by around 20 percent.
ISTANBUL - General Manager of Albaraka Fahrettin Yahsi, do not expect decline in profitability in 2011, a net increase of around 20 percent of the anticipated profitability, the profit and loss would be one of the factors that support partnership based on the reported profits of real estate projects.
Yahsi, in his speech at a press conference, at the beginning of the year to achieve their goals they will reach the end of the year, so for them that looks like will not be a problem in terms of both profitability and growth, he said. (source)

BANKING - Turkish Bank to Open Branch in Irbil in August (Albaraka Turk)

A Turkish participation bank will open a branch in the northern Iraqi city of Irbil in August, a bank statement said on Wednesday.
Participation bank Albaraka's branch will begin serving Irbil people in August.
It will be Albaraka's first branch in a foreign country.
"Irbil branch will contribute to bilateral relations between Iraq and Turkey," Albaraka's director general Fahrettin Yahsi said.  (source)

BANKING - Albaraka Turk in Balkan move

Fahrettin Yahsi, general manager of Istanbul-based participation bank, Albaraka Turk has dropped the hint that his bank is looking to expand into the Balkans through a JV with a local partner.


Speaking at a press conference in Istanbul, Yahsi said that Albaraka Turk was in the process of expanding overseas, with the Balkans as a prime target as the region has little in the way of Islamic banking. Concerning the markets Albaraka Turk was thinking of moving into, he said: “One is Bosnia and the other is Albania”.


He did stress this would have to be in partnership with a local institution, he said:  “Regarding a partnership, this is still in the project phase. We haven’t started official talks yet, but this is the type of initiative we are interested in.” (full story)

BANKING - Turkish Albaraka Türk, Bank Asya to open branches in N.Iraq

Two more Turkish banks have made arrangements to open branches in the northern Iraqi city of Arbil.

Following Ziraat Bankası, Vakıfbank and İş Bankası, Albaraka Türk and Bank Asya -- two leading participation banks in Turkey -- are making final preparations for their yet-to-be-opened offices in the city. (source)

BANKING - BDDK approves Vakıfbank request for Arbil branch

A request by state-owned Vakıfbank to open a branch in Iraq’s northern city of Arbil was approved by the Banking Regulation and Supervision Agency (BDDK), the bank said on Friday.

BANKING - Albaraka Türk eyes opening branch in northern Iraq

Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into regional countries. Following Ziraat Bankası, İş Bankası and Kuveyt Türk, leading Turkish participation bank Albaraka Türk is also planning to open a branch in Arbil, northern Iraq, Fahrettin Yahşi, the general manager of the bank, said yesterday.