BANKING - Kuwait Finance House’s Turkish Unit Increases Profit 18%

www.businessweek.com - Kuwait Finance House KSC (KFIN) said first- quarter profit at its Turkish unit, Kuveyt Turk Katalim Bankasi AS, rose 18 percent from a year earlier to 87 million lira ($47 million). The Istanbul-based bank opened 25 new branches during the period, bringing the total to 183, the lender said today in an e-mailed statement. (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 - Albaraka Turk opens branch in Arbil-Iraq

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 - Albaraka Turk is expanding its branch network

www.finansglobal.com - Profitable year in 2011 off, 2012, a fast-in, first participation bank in Turkey, Albaraka Turk, continues to expand its branch network. Six started in March in Istanbul, Bolu is one of the seven new branches in the number of workers 2700'e, the 124 brings the number of branches.

£ 160.2 million, an increase of 19.5 percent of net profit of Albaraka sube2011. described as Albaraka Turk, employment and continue to grow, increasing the number of branches. A Bolu in March, in Istanbul, Kurtköy, Istanbul, COUPLING, Kucukkoy, Çekmeköy, Kocamustfapaşa neighborhoods by opening a total of seven branches, the number of branch 124 conveys the first participation bank in Turkey, in 2700 the number of employees in branch offices' e released.  (source)

BANKING - Bank Asya predicts 15 pct growth for 2012

www.hurriyetdailynews.com - Turkey’s Bank Asya foresees 15 percent growth in 2012, especially in private banking and Small Medium Enterprises (SME), according to Bank Asya General Manager Abdullah Çelik.

The bank also wants to open 25 new branches this year, to reach 300 branches by 2015, and wants to expand its operations to India, Northern Iraq, Africa and the Balkans. (source)

RATINGS - IIRA upgrades credit ratings of Kuveyt Turk Katalim Bankasi

www.islamonline.com - Manama, February 01, 2012 - Islamic International Rating Agency (IIRA) has upgraded the foreign currency ratings of Kuveyt Turk Katalim Bankasi (KTKB (more)

Manama, February 01, 2012 - Islamic International Rating Agency (IIRA) has upgraded the foreign currency ratings of Kuveyt Turk Katalim Bankasi (KTKB) from 'BB+/A-3' (Double B Plus/A-Three) to 'BBB- /A-3' (Triple B Minus/A-Three). Local currency ratings have also been upgraded from 'BBB-/A-3 (Triple B Minus/A-Three) to 'BBB/A-3' (Triple B/A-Three). On the national scale, ratings have been upgraded to A/A-2 (tr) (Single A/ A -Two). Outlook on the assigned ratings is 'Stable'.  (source)

BANKING - Al-Omar: KFH-Turkey's success encouraged other foreign banks to enter Turkish market

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. (source)

BANKING - Albaraka, establish mobile branches in Van

Albaraka Turk, where the Van branch of the building was destroyed in the earthquake. Branch, 14 November at the mobile branch will start its activities.

ISTANBUL - Albaraka Turk Participation Bank Inc. 's branch in Van, where the building was destroyed in an earthquake yesterday.

Albaraka Turk's Public Disclosure Platform (KAP) issued a statement, yesterday, in an earthquake completely destroyed the building where the Van branch, the branch today and tomorrow, said the business of banking achievable.  (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)

FINANCE - Turmoils shift the axis of Islamic investments (Noor Islamic might launch branch)

hurriyetdailynews.com - The ongoing unrest in North Africa and the Middle East have directed many investors from Gulf countries to Turkey. The newcomers include many Islamic bankers, says to top executive of Dubai-based Noor. (source)