CAPITAL MARKETS - Sukuk income to be injected to giant projects

www.invest.gov.tr  -Hurriyet - According to the bankers, Turkey will secure financial resources from a brand-new sector with its new Islamic banking product and that the country can finance mega-projects such as the construction of the third bridge with this income. The total volume of global sukuk issuance was around USD 90 billion in 2011, whereas the same amount was achieved during the first six months of this year. Meanwhile, Qatar hit a record issuance worth a total of USD 4 trillion in July, and the size of the Islamic financial services sector is expected to reach USD 2.8 trillion by 2015. Turkey, which has so far lagged behind in the sector, is now taking the first step to close the gap. (source)

BANKING - Turkish banking boom inviting for Arab banks, Albaraka executive says

Star - Banking institutions in Arab countries impressed by Turkey’s solid financial system and highly profitable banking industry consider opening branches in the country, according to Albaraka Turk CEO Adnan Ahmed Yusuf Abdukmalik. “A number of Arab banks are in line to take part in Turkey’s booming banking sector,” said Abdulmalik at the opening of its new head office in Istanbul. Citing the growth of the Turkish banking sector, Albaraka Turk chief said he believes that cooperation between the Turkish and Arab banking industries would bring about even greater development. Arab banking industry is estimated to be around USD 3.2 trillion in size and 2010 profits amount to USD 36 billion.

A member of the Saudi-based Albaraka Financial Services Group, Albaraka Turk has been in operation in Turkey as a participation bank for 30 years and has 120 branches throughout the country .(source)