BANKING - Islamic bank Kuveyt Turk plans launch in Germany

www.kippreport.com -Hopes to apply for full banking licence in October; Will be headquartered in Frankfurt; To target non-Muslims as well as Muslims

September 11, 2012 9:59 by Reuters

Turkish bank Kuveyt Turk plans to launch Germany’s first full-fledged Islamic bank, aiming to tap into demand for ethical finance in the wider population as well as within Europe’s second-largest Muslim community.
The bank, which has had a presence in Mannheim since 2010, hopes to apply for a full banking licence in October and will be headquartered in Frankfurt. (source)

CAPITAL MARKETS - Turkey seeks advice on its proposed sovereign sukuk

www.saudigazette.com.sa -LONDON – The announcement by the Turkish Treasury a few days ago that it had mandated Citigroup, HSBC and Liquidity Management House (LMH), the investment bank subsidiary of Kuwait Finance House, “to explore opportunities for a possible Lease Certificate issuance in the international capital markets” could not be more Turkspeak.

In reality the mandate is to advise and structure the proposed debut sovereign Sukuk Al-Ijara of the country, the first time that secular Turkey would raise funds from the international market through the issuance of Islamic leasing certificates (Sukuk Al-Ijara).  (source)

BANKING - Germany could get first Islamic bank

www.thenational.ae - BERLIN // Bank Kuveyt Türk, based in Instanbul, plans to set up the first Islamic bank in Germany next year to tap into a potential market of more than four million Muslims.

An official at the German branch of Kuveyt Türk, majority-owned by Kuwait Finance House, said on Monday the bank was preparing its application for official approval. (source)

BANKING - REGULATIONS - Gold under the mattress

www.bne.eu - News that Turkey's banking regulator BDDK has drafted regulations that will allow banks to sell all kinds of gold has been greeted with anger by Turkey's jewellers, who have until now held a near monopoly on the trade, and with surprise by those unfamiliar with the "unorthodox" monetary policy being implemented by the Turkish central bank.

While the draft regulation allowing banks to sell gold is new, it is a natural extension of existing regulations brought in last year that allow banks to buy gold. This sudden move to allow Turkish banks to trade in what many would regard as a luxury item having no relation to the business of banking reflects the twin realities of Turkey's still developing financial services sector and the central bank's ongoing "unorthodox" monetary policy.   (source)

CAPITAL MARKETS - Al Baraka revives debut sukuk on record-low yields

www.gulfnews.com -Dubai: Nine months after cancelling its debut sale of Islamic bonds because yields were too high, Al Baraka Banking Group’s Turkish unit is back approaching investors as borrowing costs tumble to record lows.

Al Baraka Turk Katilim Bankasi AS will offer as much as $250 million (Dh917 million) of seven-year dollar-denominated sukuks this year, the group’s Chief Executive Officer Adnan Yousuf said by phone on August 27 from Alexandria, Egypt. The average sukuk yield globally has fallen 91 basis points this year to an all-time low of 3.09 per cent, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The premium to own Islamic debt rather than US Treasuries has narrowed 81 basis points to 204. (source)

BANKING - First Islamic Bank to Be Opened in Germany Oct

en.ria.ru -Turkey's Kuveyt Turk investment fund plans to open the first Islamic bank in Germany in October 2012, Financial Times Deutschland reported on Wednesday.
Kuveyt Turk plans to open its first branch, following the principles of sharia law, in Frankfurt-am-Main in cooperation with Ernst & Young auditing company and Norton Rose law firm. (source)

BANKING - '23 years of successful leadership of Kuwaiti private sector in Turkey' (Kuveyt Turk)

www.menafn.com -(MENAFN - Arab Times) On March 31, 1989, KFH-Turkey began officially working in Istanbul as the first Islamic bank in Turkey.
The bank was a result of the collaboration between relentless employees from Kuwait and Turkey, who believed in establishing an Islamic bank that depends of Kuwait's experience in this field and Turkey's promising economy. This led to a bank that is a source of pride for Kuwait and the GCC.

On that date, while KFH-Turkey was celebrating this historic day with its shareholders and administration, the late Ahmed Al-Yasseen, the godfather of Islamic banking who was the bank's first chairman, said that the Islamic world has abundant wealth that is unused, such as natural resources, industrial potential, and skillful laborers, but imports from other countries what it can produce itself. (source)

CAPITAL MARKETS - Turkey to mandate banks for sovereign sukuk sale - sources - Turkiye Finans plans corporate sukuk

www.reuters.com - ISTANBUL, July 5 (Reuters) - Turkey is set to mandate HSBC, Citi and Deutsche Bank to manage the sale of its first sukuk, or Islamic bond, banking sources told Reuters on Thursday.
The move by the Treasury, overcoming sensitivities about Islamic finance in the secular republic, should give Turkey access to a wider pool of investors via a global sukuk market estimated at more than $100 billion.
One banker said a size of $1 billion was being targeted, but that the sale amount was still unclear.
"The Treasury is about to finalise meetings about its first sukuk issue, and their choice (for the mandate) will be HSBC, Citi and Deutsche," said one senior banking source in London.
A sovereign sukuk from an economy regarded as one of the Muslim world's most progressive and successful would signal intent on Turkey's part to play a bigger role in Islamic finance.  (source)

BANKING - Kuveyt Turk : Turkey: Driving Demand With Innovation

www.goldinvestingnews.com -Gold is a favored investment in Turkey and innovation may cause its popularity to grow. In 2011, the country’s total gold demand rose about 32 percent to reach 143 tonnes, according to the World Gold Council (WGC). That marked the first time that investment demand accounted for the lion’s share of total consumer demand. With investment products ranging from the basics – such as coins and a gold ETF – to more innovative services like gold deposit accounts and gold ATMs, this demand source has significant potential.  (source)

BANKING - Participation bank assets grow 29 percent last year

www.hurriyetdailynews.com -Participation banks’ presence is growing rapidly in Turkey, the Participation Association data show as the government prepares to supports the sector with sukuks
 
Participation banks’ assets grew 29 percent to 56.1 billion Turkish Liras last year, Fahrettin Yahşi outgoing chairman of the Participation Banks Association of Turkey (TKBB) said May25 at the association’s 11th general assembly. (source)

CAPITAL MARKETS - İMKB celebrates the trading of “Kuveyt Türk Participation Bank B Type Silverplus ETF”

www.ise.org - On the occasion of the first trading day of “Kuveyt Türk Participation Bank B Type Silverplus ETF”, the executives and guests of the relevant bank will visit İMKB (İstanbul Menkul Kıymetler Borsası) and ring the opening bell of the Stock Market on May 21, 2012.
Mr. İbrahim TURHAN, İMKB Chairman & CEO, Mr. Mohammed Al OMAR, Chairman of the Board of Kuveyt Turk, Mr. Abdullah TIVNIKLI, Vice Chairman and Member of the Board of Kuveyt Turk, Mr. Ufuk UYAN, CEO of Kuveyt Turk and Mr. Murat ÇETİNKAYA, Vice President of Kuveyt Turk will deliver speeches, following which the officials will ring the opening bell and start the session at 09:30. (source)

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 - Golden Corner: Kuwait Turk kiosk that gold

www.finansglobal.com - Kuwait, Turkey 'reputation, "24 K of a product described as" new service "Golden Corner", was introduced at a press conference held in Sea? Wedding hall.
Turkish gold KoseKuveyt Kuwait Turkish Participation Bank, Turkey, which is the first product of the "Golden Corner" of the launch with Deputy Director General held a press conference attended by Irfan Yilmaz.
Wedding hall meeting organized and Sea, and the operation of the kiosk were told that gold. In addition, the meeting, Kuwait, Turkey 'reputation Gold Banking products and services for 2012 targets announced in the coming period.
Assistant General Manager of Kuwait Turkish Irfan Yilmaz, "450 Billion want to give the size of the economy at least partly a source of inert".  (source)

BANKING - Kuwait Turk's first-quarter net profit of £ 85 million

www.finansglobal.com - Kuwait Turkish Participation Bank's net profit for the first quarter of 2012, was £ 85 million.

Kuwait Turk began in 2012 with the goal of significant growth in the first quarter of the work of innovative products and services in the field of retail and corporate banking profits increased $ 85 million TL.

£ 15 billion in total assets was realized at the same time, reached TL 1.5 billion in equity assets. Kuwait reached TL 9.8 billion in funds collected from the Turkish, 10.4 billion worth of funds held kullandırımı. (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 - Al-Omar: KFH-Turkey achieves TL 195 million net profit with 22% increase in 2011

Chairman of Kuwait Finance House in Turkey (KFH-Turkey) Mohammed Al-Omar.

Iwan: 16 branches in Turkey, plans to expand in Europe

 www.zawya.com - Chairman of Kuwait Finance House in Turkey (KFH-Turkey) Mohammed Al-Omar announced that the bank has achieved TL 195 million net profits in 2011 with 22% increase in 2011. Total assets increased by 54%, and deposits grew by 8%, while revenues increased by 17% compared to last year. The general assembly approved 16% dividends for shareholders. He added that such outstanding results were achieved despite challenging global markets conditions, which cements the fact that the bank is on the right track to becoming one of the best banks in Turkey. (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)

BANKING - Islamic participation banks earn $450 mln in profit in 2011

www.todayszaman.com - Participation banks, which refrain from being involved in financial activities deemed forbidden in Islamic teaching, increased their profit by 6 percent, to TL 850 million ($450 million), in 2011 compared to 2010.

According to a statement released by the Participation Banks Association (TKBB) on Monday, the financial institutions' assets and equity capital have also grown by 29 percent and 13 percent, respectively, year-on-year to TL 56 billion and TL 6.1 billion. Their assets were only TL 3.9 billion in 2003. (source)

CAPITAL MARKETS - Kuveyt Türk Participation Bank B Type SilverPlus ETF is applied to be listed on İMKB

www.ise.org - Bizim Securities applied for public offering and listing of “Kuveyt Türk Participation Bank B Type SilverPlus ETF", to be issued by Kuveyt Türk, on March 23, 2012. (source)