FINANCE - Bank Asya acquired GFC General Finance Securities

www.finansglobal.com - Bank of Asia, on behalf of the company will participate as the main shareholder, the GFC General Finance Securities' Capital Markets Intermediary has signed a contract regarding the purchase of Certificates of Operating Authority.
Prices were not included in the bank statement.
Bank of Asia, using established securities company, the certificate of competence will enable customers to trade capital Piyasaları'nda.
Bank of Asia, the Danube REIT, its subsidiaries, such as light next to the Insurance and Pensions has added a new Asia. GFC Financial Securities Authority documents the purchase of Capital Market Intermediary, stepped into the most important was the company's securities will be established. (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)

PUBLICATIONS - A new approach to derivatives : financial engineering with Islamic Rules (Atila Yanpar - SPK)

A NEW APPROACH TO DERIVATIVES: FINANCIAL ENGINEERING WITH ISLAMIC RULES

ATİLA YANPAR

Capital Markets Board of Turkey, Expert

Despite their importance in financial sector development, derivatives are still not generally accepted as legitimate products in Islamic finance. Conventional derivatives and the world of Islamic financial products has chasm between each other as they have different approaches in important issues like interest and ambiguity. While recent events in the world economy have sparked a global debate on derivatives and the damage caused by them, strict Sharia rules saved Islamic finance institutions from the worst of the crisis. On the other hand, due to lack of sufficient instruments for protection against volatility in currency, interest rate and commodity prices, the ability of Islamic finance institutions to survive future shocks is in question. As the Islamic banks are struggling to develop hedging tools with regard to doubt on their usage casted by religious differences, this article explores the validity of derivatives in accordance with basic legal principles of the Sharia and summarizes the key objections of scholars that challenge the permissibility of derivatives under Islamic law. In conclusion, the article delivers suggestions for Sharia compliance of derivatives and Turkish Derivatives Exchange future contracts. (access here)

FINANCE - İstanbul’s bid to become IFC looks cloudy as progress continues to delay

www.todayszaman.com - The hope that İstanbul will become an international financial center (IFC) in the near future has been disappearing as progress on the project has been slow in many respects.

 

The long-overdue project has been talked about for years by many politicians and has remained music to the ears of society. In 2007, the ruling Justice and Development Party (AK Party) government set about developing İstanbul into an IFC as one of its major long-term economic goals. Steps taken by the current ruling party has many ordinary citizens believing it would be accomplished; however, some experts argue that the achievement of such a goal in the near future is a dream due to a lack of necessary policies and regulations. (source)

CAPITAL MARKETS - Islamic bond may be linked to third bridge

www.hurriyetdailynews.com - Turkey may issue its first sukuk, an Islamic finance tool, to be linked to the toll revenues of a planned bridge over the Bosphorus, daily Vatan claimed without quoting sources. The Treasury has already started a study on the issue, the newspaper said.

The paper said Deputy Prime Minister Ali Babacan’s Jan. 30 speech at a Capital Markets Board (SPK) meeting in Istanbul was a signal for the attempt. Turkey may issue its first sukuk this year, Babacan said at the meeting. (source)

BANKING - The project to turn Turkey’s megacity into an international finance center is coming to fruition

www.balkans.com - Zaman - The project to turn Turkey’s megacity into an international finance center is coming to fruition as the planning phase gives way to construction. Within the framework devised by the Turkish government, the Istanbul Financial Center (IFC) project will house the head offices of the country’s governing bodies of financial markets, state-owned banks and related businesses.  (source)

CAPITAL MARKETS - Islamic bond may be linked to third bridge

www.hurriyetdailynews.com - Turkey may issue its first sukuk, an Islamic finance tool, to be linked to the toll revenues of a planned bridge over the Bosphorus, daily Vatan claimed without quoting sources. The Treasury has already started a study on the issue, the newspaper said.  (source)

CAPITAL MARKETS - Kuveyt Türk issues $350 mln in Islamic bonds to Turkish market

Kuveyt Turk Participation Bank issued $350 million worth of Islamic bonds, also called sukuk, at a signing ceremony held on Tuesday in İstanbul.  (source)

RATINGS - Albaraka Turk's corporate governance rating increased

dunya.com - JCR Eurasia Rating, the bank's poor corporate governance principles and the General Adaptation your scrap 8.28 'e took off.

ISTANBUL - Albaraka Turk Participation Bank Inc., JCR Eurasia Rating is 8.28 of the Bank of CMB Corporate Governance Principles, the General Adaptation your scrap to announced the.

Albaraka Turk KAP'ta released a statement, the bank's Corporate Governance Compliance Report was informed about the revision. (source)

CAPITAL MARKETS - Kuveyt Turk prices $350 mln sukuk at par - leads

reuters.com - Oct 20 (Reuters) - Kuveyt Turk, the Turkish arm of Kuwait Finance House , has priced its $350m five-year sukuk, lead managers said in a document on Thursday.

The paper priced at par with a spread of 447.5 basis points over midswaps and carried a profit rate of 5.875 percent. (source)

CAPITAL MARKETS - Kuveyt Turk's sukuk issue profit rate 6 pct-bankers

reuters.com - Oct 19 (Reuters) - Kuwait Finance House's Turkish unit Kuveyt Turk's $350 million sukuk issue initial profit rate is around the 6 percent area, bankers told Reuters on Wednesday.

Last year, the Capital Markets Board of Turkey (SPK), the regulatory and supervisory authority in charge of the securities markets, published a statement setting the legal ground for sukuk issues by Turkish companies. (source)

CAPITAL MARKETS - SPK and the development of Turkish capital markets

Since its establishment, the Capital Markets Board (SPK) of Turkey has been dedicated to its role of regulating and supervising the Turkish capital markets in accordance with international norms and standards in a continuously changing market environment with clear, objective and easily apprehensible approaches in order to ensure that capital markets are fair, secure, transparent and efficient.

The board continued in 2010 to carry out its regulatory and supervisory activities in line with its above-mentioned mission and vision. (full story - sundays zaman)

CAPITAL MARKETS - Kuwait firm's Turkish unit plans $500 mln Islamic bond

* KFH-Turkey chairman sees more Turkish sukuk issues
* Turkey seen as growth market for Islamic finance


DUBAI, March 8 (Reuters) - Kuwait Finance House's (KFIN.KW) Turkish unit will launch a $500 million Islamic bond by the end of the year, its chairman said in a statement on Tuesday.

Mohammed Al-Omar said the Islamic lender will issue the benchmark sukuk following the success of Turkey's first Islamic bond offering, from lender Kuveyt Turk in August. (source)

CAPITAL MARKETS - US to support İstanbul’s int’l finance center bid

US President Barack Obama’s administration will lend support to İstanbul to help it become an international finance center, according to a joint statement released following a meeting of the Turkey-US Economic Partnership Commission in Washington, D.C., on Thursday. (source)

FINANCE - PM Erdoğan says İMKB may be moved to new finance center

PM Erdoğan speaks during the 5th anniversary meeting of the foundation of the İMKB. He said they are considering moving the bourse to a new location in İstanbul.

FINANCE - SCA signs MoU with Turkey on joint listing

ABU DHABI -- The Securities and Commodities Authority or SCA has signed a Memorandum of Understanding (MoU) with the Capital Markets Board of Turkey (CMB) that would lay the foundation for joint listing in the future and greater cooperation between the two corporate regulators and stock exchanges. 

SUKUK - Sukuk under Turkish law

As a supplement to the OPINION on the new Sukuk from Kuveyt Turk, I do insert hereunder the - as far as I know only - article that was published in English on the new Sukuk regulation, as published ion June 1, 2010 by the Turkish Capital Markets Board SPK. he Communique has been passed and published virtually unnoticed.

The source is Todays Zaman, the author is Berk Cektir.