BANKING - Germany for the full path of the Turkish banking sector in Kuwait

www.yenisafak.com.tr - Director General of Kuwait Turkish Horizon Wake up, demand for interest-free banking in the field believe to be an important stage in Germany said, a full application for a banking license. In Frankfurt, Germany, organized by the German banking regulatory and supervisory agency BaFin 2 Involved to make the opening speech of the Conference of Islamic Finance, wake up and practice the basic principles of interest-free banking model mentions the provision of interest-free banking model tested in crisis and who support the real economy and the remarkable success of a system that stands out from being too closely related to speculation, 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 - 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 - 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)

RATINGS - Capital Intelligence upgrades KFH-Turkey's rating

www.zawya.com - Capital Intelligence (CI), the international credit rating agency, announced that ithas raised the Financial Strength rating of KFH-Turkey. The rating is raised to'bb+' from 'bb,' underpinned by its very sound asset quality, good capitalprofile and continued good profitability, and the support rating of '2' is affirmed.

TheLong-term Foreign Currency rating is affirmed at 'bb,' while the Short-termForeign Currency rating is affirmed at 'b,' both at the same level as thesovereign rating. All ratings carry a 'Stable' outlook.  (source)

CAPITAL MARKETS - Building Islamic Bonds – Bahrain’s Economy to Receive a Welcome Boost (Albaraka Turk)

english.gobalarabnetwork.com - Global Arab Network - With recent news of a planned new Islamic bond issue, Bahrain’s economy may be set to receive a welcome boost. The issuance may also come as a boon for the Gulf state’s financial services sector, which is a central part of its Economic Vision 2030, the long-term plan to promote the country as a leading regional and international financial centre, Global Arab Network reports according to OBG.  (source)

FINANCE - Unicorn changes name to Bank Alkhair (Bank Akhtiar Turkey)

Unicorn Investment Bank, a Bahrain-based Islamic investment bank, today changed its name to Bank Alkhair with the launch of a new brand identity.

The bank’s subsidiaries in Saudi Arabia, Malaysia and Turkey will now officially operate under the names Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey, respectively. (source)

BANKING - Islamic megabank gets Bahrain, Malaysia approvals

Feb 16 (Reuters) - A long-touted Islamic megabank has received approval from Bahrain and a preliminary green light from Malaysia to begin operations, an organizer said on Wednesday.

Saudi Arabia's Sheikh Saleh Kamel -- who is founder and chairman of Bahrain-based Islamic bank Al Baraka BARKA.BH and spearheaded the megabank initiative -- said the venture is still in discussions with Qatar to obtain a licence.

The entity will likely have an authorized capital of $3 billion, a third of which will be raised in a private placement. (source)