BANKING - ‘Gulf participation banks looking for opportunities in Turkey’

Turkish Association of Participation Banks (TKBB) Chairman and the head of Albaraka Türk Participation Bank Fahrettin Yahşi has said there are investors from the Gulf region that intend to start up participation banks in Turkey. (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 - Turkey’s chief bankers advise people to stop excessive spending (Albarkaka Turk)

Referring to the rise in consumer loans and outstanding credit card bills by 19.3 percent and totaling more than TL 200 billion at the end of last year, Turkey’s leading bankers have underlined that people should be more careful when spending their money. (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 - Al Baraka Turk unit opens new Head Office

Source picture

Al Baraka Turk, one of the subsidiaries of Bahrain-based Al Baraka Banking Group has announced the opening of its head office in Turkey.    

 

The new head office was inaugurated by Turkish Prime Minister Recep Tayyip Erdogan.

 

"We see this magnificent building as a materialised symbol of our 25 years of successes and our bright future," said Al Baraka general manager Fahrettin Yahsi. 

"Many Arab banks are interested in Turkey and waiting in the queue to operate in the country," said Al Baraka Banking Group president and chief executive Adnan Yousif.

"Since the beginning of its operations in 1985, Al Baraka Turk managed to bring a different vision to the Turkish financial sector with its new financial model and understanding that it represents and is making breakthroughs with its vision to become the best participation bank in the world," he added.-TradeArabia News Service

CAPITAL MARKETS - Turkish Islamic banks plan to sell bonds

Türkiye Finans, led by Yunus Nacar, plans to sell at least $300 million in Islamic bonds this year. 
 

Turkey’s Islamic banks are planning sukuk sales to take advantage of both the lowest borrowing costs in more than five years and the rising demand for the country’s securities.

Türkiye Finans, Kuveyt Türk and Albaraka Türk, all at least part-owned by Persian Gulf lenders, said they plan to offer Islamic bonds this year. (full story)

BANKING - Al Baraka Turkey unit's operating income rises

MANAMA: Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group, showed an increase in total operating income of three per cent to $281 million in 2010. After deducting expenses, provisions and taxes, net income increased by 35pc to $94m for the period.

"We are very pleased with the excellent results that the bank achieved in 2010," said Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif.  (full story)

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 - ALBARAKA TURK - Turkish participation bank executive warns on Central Bank move

'The banking sector grew by 20 percent in 2010 while the credit expansion was around 35 percent,' says Albaraka Türk General Manager Fahrettin Yahşi.. Hürriyet photo

The Turkish banking sector will shrink this year if the Central Bank increases the required reserve ratio for banks in a bid to control the already-high credit expansion, said Fahrettin Yahşi, general manager of the Albaraka Türk Participation Bank, a Turkish lender operating on Islamic banking terms.

The credit expansion has one negative and one positive main effect, Yahşi said: contribution to growth and the risk of boosting the current account deficit. He spoke with the Hürriyet Daily News & Economic review after a meeting to launch the lender’s cooperation with Istanbul’s Esenler district municipality for a banking card for residents. (source)

BANKING - Doha Bank remittance service for Turkish expats with Albaraka Turk

Doha Bank and Al Baraka Turk Participation Bank executives at the agreement signing

Doha Bank has entered into an agreement with Al Baraka Turk Participation Bank for remittance of funds from Qatar to Turkey.
Under this service, Turkish nationals working and living in Qatar will be able to transfer money online from Doha Bank Account to Al Baraka Turk account in Turkey. Turkish nationals in Qatar will also be able to remit funds to any beneficiary account maintained with Al Baraka Turk Participation Bank in Turkey.

The amount will be remitted in dollars. This facility is also available from any Doha Bank branch in Qatar. (source)