new.kuwaittimes.net - ISTANBUL: Turkey is one of the few markets that has managed to avoid the negative impact of the global financial meltdown and debt crisis that plagued countries lying in close geographical proximity, asserted Mohammed Al-Omar, Kuwait Finance House (KFH) CEO and KFH-Turkey Chairman. He added that this was a result of Turkey’s experience in handling the crisis, and its success in creating a stable investment environment for local and foreign investors. (source)
Al-Omar who met with the editors-in-chief of local newspapers at KFH-Turkey in Istanbul, mentioned that in light of his position and experience in the Turkish market, he realized that the (Turkish) government’s economic policy is based on legislative stability that preserves the rights of all investing parties. Such kind of support is required, in its various forms, for projects that will greatly benefit the society and the investor. Also, Turkey’s income has been diversified by focusing on policies and laws that ensure the prosperity of all sectors of the economy.
Moreover, he noted that the role played by KFH-Turkey as a KFH subsidiary is not limited to offering banking services, but has been elevated to liaisoning between Kuwait, GCC countries, and Turkey. History has shown that commercial relationships are a strong factor in strengthening relationships between countries; Kuwait and GCC are keen on establishing better economic and commercial relationships with Turkey, he said. Al-Omar applauded the visit paid by the editors-in-chief of local Turkish newspapers, highlighting that such meetings will further cement the relationship between two countries.
Meanwhile, KFH-Turkey’s CEO Ufuk Iwan revealed that the bank aims to strengthen and expand cooperation between Turkey and GCC, prompting the bank to open three branches in Bahrain, Dubai, and Arbeel in Iraq. He mentioned that in 2002, KFH-Turkey’s branch in Bahrain coordinated business and finance operations between Turkey and the GCC at a total value of $5 billion. The bank is willing to offer Kuwaiti investors all the necessary products and services available in the Turkish market, in addition to offering Kuwaitis assistance in acquiring real estate in Turkey. He revealed that the bank was established in 1989 and KFH owns 62.5 percent of the bank’s share, pointing out that that it has opened a branch in Germany and plans to further expand in Europe. In Turkey, the bank is considered to be one of the biggest Islamic banks, and is planning to increase its market share from five to 10 percent. It also operates 182 branches in Turkey.
According to the 2011 budget, it owns increased assets, shareholders’ equity and profit that ranges from 25to 54 percent. KFH-Turkey’s 23 years of work reflects the strong relationship shared between Kuwait and Turkey, and between Turkey and the GCC, he said. Several conferences and meetings will be held between businessmen from both countries. As the first Islamic bank in Turkey and Europe, it has issued sukuk worth $350 million with two consecutive deals, not to mention the several awards won. It is worth noting that the Turkish parliament issued a legislation that paved the way for issuing sukuk. In response to high demand , the bank is considering issuing more sukuk in the country.
Source : http://new.kuwaittimes.net/2012/03/11/turkey-links-gcc-interests-with-kfh-bank-plans-to-issue-more-sukuk/ - March 12, 2012
