CAPITAL MARKETS - Dow Jones Islamic Markets Titans 100 down 8.04 per cent in May - DJIM Turkey down 13.66 %

www.cpifinancial.net - The Dow Jones Islamic Market Titans 100 Index finished May down 8.04 per cent, according to data compiled by Dow Jones Indexes. The index measures the performance of 100 of the world’s leading Shari’ah-compliant stocks.

 The Dow Jones Global Titans 50 Index, which measures the world’s 50 largest companies, posted a May loss of 7.76 per cent. Regionally, the Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah-compliant stocks in the Asia/Pacific region, decreased 10.92 per cent in May; the Dow Jones Asian Titans 50 Index dropped 10.95 per cent. (source)

EVENTS - Islamic banking today and today's applications (Dec 10, 2011 - Istanbul)

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CAPITAL MARKETS - Kuwait DJIM index one of top losing composites

arabtimesonline.com - The Dow Jones Islamic Market Turkey Index closed at 2,954.44, a performance loss of 2.84%, while the Dow Jones Turkey Total Stock Market Index closed at 1,068.38, a gain of 1.84%.  (source)

BANKING - Islamic finance seen taking roots in Turkey

GULFTODAY.AE - ISTANBUL: Turkey could emerge as a key market for Islamic finance while Asia continues to drive the industry’s growth but markets are still assessing the full impact of the global downturn on the sector, Maybank Islamic said on Tuesday. 

The recent growth of the sector coupled with the launch of several Islamic funds and a law granting tax neutrality to sukuk products have stirred talk that Turkey is poised to be the next growth market for sharia finance.    (source)

FINANCE - New 350 million USD loan for Albaraka Turk

New Murabaha syndicated loan, will be used to meet the capital needs of SMEs.
ISTANBUL - Albaraka, in September 2010 provided $ 240 million Murabaha syndicated loan amounting to more then signed a new agreement. The Bank's new $ 350 million for a syndicated loan of 25 banks and financial organizations from 17 countries signed the agreement. (source)

BANKING - Kimse Yok Mu to send aid packages to 55 countries during Ramadan (Bank Asya)

The Turkish charity foundation Kimse Yok Mu (Is Anybody There) will be offering aid packages to 55 countries around the world, as well as providing aid to thousands of people across Turkey.

Planning to help the poor all around the world, the charity foundation is currently seeking donors to participate in their campaign to send aid to people in need during the month of Ramadan. Kimse Yok Mu Chairmen Ünal Öztürk has announced the foundation’s Ramadan 2011 campaign, saying that Ramadan is the month of brotherhood and sharing and the foundation will do its best to help people from Turkey and 55 other countries around the world through food packages. (source)

IDB urged to make trade financing more competitive

Behind the resolutions, the statements and the rhetoric of the Board of Governors of the Islamic Development Bank (IDB) at the recent 36th Annual Meeting which was held in Jeddah on June 29-30, were some commendable suggestions from member countries aimed at speeding up the efficiency and effectiveness of the bank. (source)

TRADE FINANCE - Islamic trade finance sector to see expansion

Islamic trade finance has benefitted from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1 trillion Islamic finance industry double in size. 

The global Islamic finance industry, which has been growing between 15 to 20 per cent a year, is widely expected to reach $2 trillion in the next three to five years.

While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further.

Trade finance, the lifeblood of global commerce, underpins 60-80 per cent of the $12-13 trillion trade in global merchandise and practitioners say it is safer than other forms of lending. (source)

EVENTS - CONFERENCES - INTERNATIONAL CONFERENCE : Mr. Fahrettin YAHŞİ, the Chairman of the Board of Directors of our Association, has partaken in the conference organized by Erste Securities.

Click for the presentation of Mr. Fahrettin YAHŞİ, Chairman of the Board of Directors of our TKBB.

GENERAL - Turkish Cyprus delegation visits Islamic Development Bank

A Turkish Cypriot delegation led by the Minister of National Education, Youth and Sports Kemal Durust met with the President of the Islamic Development Bank Dr. Muhammad Ali in Jeddah.

A Turkish Cypriot delegation led by the Minister of National Education, Youth and Sports Kemal Durust met with the President of the Islamic Development Bank Dr. Muhammad Ali in Jeddah on Wednesday. (full story)

AWARDS - KFH-Turkey awarded by Euromoney as Most Innovative Deal for issuing sukuk in Turkey for first time

Ufuk Iwan receiving the award

 

Kuwait Finance House-Turkey (KFH-Turkey) was awarded by Euromoney as Most Innovative Deal by Euromoney for its USD 100 million sukuk deal that was orchestrated by Liquidity Management House that is a KFH subsidiary, in collaboration with other major international banks. The sukuk deal is the first of its kind in Turkey, and is considered to be a new financing tool that can play a role in varying the options of companies seeking suitable financing. (full story)

FINANCE - Noor Islamic Bank Successfully Closes US$300-Million Structured Murabaha Syndicated Facility For Bank Asya - Facility is Noor’s Third Transaction in Turkey

Press Release - Noor Islamic Bank, as Initial Mandated Lead Arranger and Book Runner with ABC Islamic Bank (E.C.), National Bank of Abu Dhabi PJSC and Standard Chartered Bank, has successfully closed a US$300-million dual currency Islamic structured Murabaha Syndicated Facility (the “Facility”) for Bank Asya, one of Turkey’s leading Islamic banks. (full story)

BANKING - Turkish Equity Movers: Bank Asya ... Move

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Asya Katilim Bankasim AS (ASYAB TI), an Islamic bank, rose 2.8 percent to 2.96 liras, the highest level in two months. The lender said in a statement to the Istanbul Stock Exchange today that it hadn’t decided to sell a stake or didn’t hire an investment bank to find a buyer. Reuters reported on March 9 HSBC Holdings Plc had been hired to find a Turkish partner for a foreign bank, and the Haberturk newspaper said yesterday Qatar Islamic Bank wants to buy a 25 percent stake in the Asya.

... (full story)

TAKAFUL - Neova in Central Asia push

Bulent Ozgur Koc - CEO, Neova Sigorta

Turkish insurer, Neova Sigorta, which started offering Takaful in Turkey last October, is planning to expand into Central Asia and Eastern Europe once it has strengthened its position in Turkey, its CEO said.

“Our priority is Turkey of course, but we are also interested in Central Asia and Eastern Europe in the longer term,” CEO Özgür Bülent Koç told The Islamic Globe.

 “First, we would like to develop our brand in Turkey and fulfill our potential here. After that, we may expand into the Turkic republics in Central Asia and then look into some of the Balkan countries such as Macedonia, Bosnia and Herzegovina, and Kosovo,” he added.(full story)

FINANCE - IDB Gives $511 Mln in Loans, Grants for Member States’ Projects

Islamic Development Bank said that its board of executive directors approved today about $511 million in loans and grants for several projects in member countries.

The Jeddah-based multilateral lender, known as IDB, said the approved projects include $222 million to build a road in Albania, $108 million to schools development program in Turkey, and $95 million for the construction of grain steel silos in Pakistan.  (source)

INDEXES - OPINION - Dow Jones Islamic Markets commentary: Lessons from the turmoil (DJIM Turkey)

INTERNATIONAL. It is of no surprise that the Dow Jones Islamic Market Index (DJIM) covering Arab stock markets suffered the largest losses in February. Political crisis and civil unrest in Egypt, Jordan, Bahrain, Yemen, Morocco, escalating even to a civil war like in Libya, weighed on the markets.

The turmoil led the DJIM Kuwait Index to drop 8.64% to close at 908.36 (as of February 22’s close of trading). (source)