REAL ESTATE - QInvest advises Turkey REIT on $50mn ‘murabaha’ finance facility

www.gulf-times.com - QInvest has advised a Turkey-based Real Estate Investment Trust (REIT) on the latter’s $50mn syndicated ‘murabaha’ finance facility.
QInvest acted as sole book runner and structuring advisor to İş Gayrimenkul Yatırım Ortaklığı (İş REIT), which entered into a financing agreement with a syndicate of banks from the Gulf Cooperation Council (GCC).
The finance facility carries tenure of two years and a profit rate of Libor +250 basis points.  (source)

FINANCE - Barwa Bank offering three-year, capital protected Islamic notes

www.gulf-times.com - Barwa Bank is offering a “unique” Shariah-compliant three-year capital protected notes linked to the Turkey and Indonesia equity markets until June 21.
“The Turkey Indonesia Equity Capital Protected Note is an investment opportunity for investors seeking potentially higher returns with 100% capital protection.
The growth is based on the performance of a selected basket of stocks in two high growth emerging markets- Indonesia and Turkey. (source)

BANKING - QNB makes higher offer for Dexia’s Denizbank

www.gulf-times.com - Qatar National Bank has made a higher bid for Denizbank, the Turkish unit of stricken Belgian lender Dexia, after earlier talks stalled over price, four sources familiar with the matter said.
“The bid has been re-activated, and is on the table,” said one source. “The new offer is closer to what Dexia is expecting,” he added, saying that QNB’s original offer had been dismissed as too low.

The Gulf bank quickly has emerged as the most likely buyer, another source familiar with the matter said yesterday.
“The process is ongoing. Whether it happens or not, it will take a long time. The bid has gone up and down,” the person added.  (source)

BANKING - ‘QIB eyes Turkish Islamic bank stake’

Asya Katilim Bankasi, a Turkish Islamic bank, rose in Istanbul after Haberturk reported that Qatar Islamic Bank aims to buy 25% of the company. Bank Asya, as the bank is known, climbed 13 kurus, or 4.6%, to 2.99 liras at 10.04am, heading for the biggest two-day gain since November 2008. HSBC Holdings was hired to find a partner in Turkey for a foreign bank, Reuters reported. (full story)

BANKING - Qatar follows Malaysia to boost Islamic banking

Bloomberg/Dubai

 
Qatar, in requiring banks from HSBC to Doha Bank to close units offering Shariah-compliant services, is emulating Malaysia, the world’s biggest market for Islamic debt.

The Gulf nation, whose economy is growing at the fastest pace in the world, sent an order to banks this week requiring non-Islamic commercial lenders to shut operations that comply with Shariah law by year-end, according to the central bank circular. Malaysia allows standalone Islamic banks and subsidiaries to provide the services. (source)