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)

RATNGS - Fitch affirms Turkey's Bank Asya; drops ratings

www.reuters.com - (The following statement was released by the rating agency)
Sept 06 - Fitch Ratings has affirmed Turkey-based Asya Katilim Bankasi A.S.'s (Bank Asya) Long-term foreign currency and local currency Issuer Default Ratings (IDR) at 'B+' with Stable Outlook, Short-term foreign and local currency IDRs at 'B', National Long-term rating at 'A-(tur)' with Stable Outlook, Viability Rating at 'b+', Support Rating at '5' and Support Rating Floor at 'NF'. Fitch has simultaneously withdrawn all the ratings. (source)

FINANCE - Turkey's TAV says consortium including TAV secures $1.2 bln Islamic finance

www.reuters.com - Turkey's TAV Havalimanlari Holding said on Friday that a consortium including TAV secured $1.2 billion in Islamic financing for Medina Airport.
In an e-mailed statement TAV said that the Islamic financing facility was secured from Arab National Bank, The National Commercial Bank and The Saudi British Bank. (full story)

CAPITAL MARKETS - Turkiye Finans H1 up 61 percent, sukuk eyed in 6-9 mths

www.reuters.com - (Reuters) - Turkish Islamic bank Turkiye Finans' net profit rose 61 percent year-on-year to 145 million lira ($80.3 million) in the first half and it plans a $300 million sukuk, or Islamic bond, issue in the next 6-9 months, said general manager Derya Gurerk.
Gurerk told Reuters its net profit target for the whole year was 278 million lira, up 20 percent from 2011. The bank said previously it planned a sukuk issue by the end of the year. (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)

CAPITAL MARKETS - Turkey reaches $4.5 bln eurobond target, eyes possible sukuk

www.reuters.com - (Reuters) - The Turkish Treasury said on Wednesday it borrowed $1 billion in the reopening of its dollar-denominateed 2041 eurobond with a yield to investor of 5.75 percent, reaching its $4.5 billion eurobond issuance programme target for 2012.
The Treasury said it will seek opportunities for external financing via a possible sukuk transaction or pre-financing for 2013 via conventional bond issues, depending on the market conditions. (Writing by Daren Butler) (source)

BANKING - MIDEAST MONEY-Gulf banks eye European rivals' Middle East assets - Eyes on Turkish banks

www.reuters.com - DUBAI, June 20 (Reuters) - As struggling European banks scale back their worldwide operations, cash-rich Gulf lenders see a chance to expand by snapping up the Middle East assets of European rivals at attractive prices.
After years of building operations in the fast-growing Middle East and North Africa region, European lenders are shrinking back due to a crippling debt crisis at home and the need to raise capital to meet regulatory requirements.
Gulf banks are keen to seize an opportunity as profitable businesses from Turkey to Egypt have been put on the block by European banks at a time when valuations are near multi-year lows due to the volatility in financial markets. (source)

CAPITAL MARKETS - Turkey sees $16 bln FDI in 2012- Treasury official - Sovereign Sukuk may have some delay

www.reuters.com - May 19 (Reuters) - Turkey expects to receive $16 billion in foreign direct investment this year (FDI), steady from 2011, despite the crisis in the euro zone, a senior official at the Turkish Treasury said on Saturday.
"Turkey is not affected that significantly from deleveraging from Europe, we are not affected the same way as eastern Europe," Evren Dilekli, Director General for foreign economic relations at the Treasury Undersecretariat said. (source)

BANKING - Turkiye Finans secures Murabaha Facility and Sukuk in in the pipeline

www.reuters.com - Turkish Islamic bank Turkiye Finans secured a $350 million murabaha loan, and plans to issue $300 million sukuk at the end of the year, general manager Derya Gurerk said late on Monday. (source)

CAPITAL MARKETS - Turkey may launch sukuk issue within months-Babacan/TV

www.reuters.com - (Reuters) - The Turkish Treasury may launch a sukuk issue within a few months, Turkish Deputy Prime Minister Ali Babacan said on Tuesday in an interview with the broadcaster Kanal 24. (source)

FINANCE - Noor Islamic to arrange $1 bln Turkish debt by yr-end - CEO - May apply for Turkish banking license by end of this year

www.reuters.com - (Reuters) - Dubai-based Noor Islamic Bank has arranged more than $2 billion of debt transactions in Turkey since the beginning of 2011 and targets a further $1 billion before year-end, its chief executive officer told Reuters in an interview on Wednesday.
"There's huge demand for financing in Turkey, mainly in the SME (small and medium enterprises) business. We've done $2 billion...and expect another $1 billion this year," said Hussain Al Qemzi. (source)

FINANCE - Turkey's Bank Asya gets $325 mln dual-currency Islamic loan

www.reuters.com - (Reuters) - Turkish lender Asya Katilim Bankasi (Bank Asya) has secured a $325 million dual-currency syndicated Islamic loan, a statement from Emirates NBD, one of the arranging banks, said on Tuesday.

Late last year, the lender, which offers non-interest banking services adhering to Islamic law, postponed a foray into debt capital markets by delaying a sukuk issue worth up to $300 million.

The syndicated loan comprises a $201 million tranche and a 96.5 million euro segment, and is structured as a murabaha facility. (source)

FINANCE - OIC - Turkish treasury signed loan deals of $554 mln with Islamic Development Bank

www.reuters.com - (Reuters) - The Turkish Treasury said on Tuesday it had secured three loan agreements worth $554 million with the Islamic Development Bank on April 4.

The loans will be used for the financing of construction projects, the treasury said in the statement published on ites web site.  (source)

INSURANCE - Germany's Gothaer eyes Turkish insurer: sources

www.reuters.com - (Reuters) - Germany's Gothaer Insurance Group is in talks to buy a majority stake in Turkish insurer Isik Sigorta from Bank Asya (ASYAB.IS), four sources close to the process told Reuters, as it seeks to tap a potential growth market.

One of the sources said an American insurer was also interested in buying the stake.

Turkey's Bank Asya, which offers banking services that comply with Islamic law, holds a 65.42 percent stake in Isik Sigorta, according to the insurer's website. Other shareholders may also sell their stakes, the sources said.  (source)

CAPITAL MARKETS - Turkey - Factors to Watch on March 12

www.reuters.com - KILER GYO

Kiler GYO, a Turkish real estate investment trust, may issue a sukuk over $100 million in the fourth quarter, Dunya newspaper reported citing parent Kiler Holding chief executive Yunus Nacar. (source)

CAPITAL MARKETS - Turkey to overcome secular qualms with Islamic bond

www.reuters.com -
* Sovereign sukuk in 2012 could raise several billion dollars
* Would pave way for corporate issues, set benchmark
* Could be used to fund large projects
* Turkish non-financial firms keen to tap market

By Seda Sezer and Nevzat Devranoglu

ISTANBUL, Feb 22 (Reuters) - Turkey's government plans its first-ever issue of Islamic bonds this year, overcoming sensitivities about Islamic finance in the secular republic as it seeks to tap a rich pool of investors flush with oil money.

A sovereign sukuk issue from an economy regarded as one of the most progressive and successful in the Muslim world would signal intent on Turkey's part to play a bigger role in Islamic finance. The size of the global sukuk market is estimated at more than $100 billion.

"It will be like ringing a bell and attracting all the attention," said Murat Cetinkaya, deputy chief executive for treasury at Kuveyt Turk, an Islamic bank that has been a trend-setter for corporate sukuk issues in Turkey. (source)

CAPITAL MARKETS - Kuveyt Turk says may issue lira sukuk this year

www.reuters.com - Feb 17 (Reuters) - Kuwait Finance House's Turkish bank Kuveyt Turk, which issued a $350 million sukuk last year, may issue a lira sukuk in Turkey this year, Murat Cetinkaya, Kuveyt Turk deputy chief executive, told Reuters.

"This year a lira sukuk issuance is among our priorities," Cetinkaya, who is responsible for treasury, international and investment banking at Kuveyt Turk, said in an interview. (source)

INSURANCE - TAKAFUL - Turkey's Bank Asya in talks on sale of insurance unit Isik Sigorta

www.reuters.com - Feb 8 (Reuters) - Turkish lender Bank Asya , which offers non-interest banking services that comply with Islamic law, said on Wednesday it was in talks with investors on the sale of its insurance unit Isik Sigorta.  (source)

BANKING - Turkey's Halkbank says not received call to halt Iran deals

Jan 11 (Reuters) - Turkey's Halkbank has received no official request to stop handling payments to Iran for oil transactions but is studying U.S. moves to choke off the Islamic Republic's revenue, Turkish daily Vatan reported on Wednesday, citing its general manager.

On Dec. 31, President Barack Obama signed into law a fresh set of sanctions targeting financial institutions that deal with Iran's central bank to stem the flow of oil revenue and persuade Tehran to abandon a suspected nuclear weapons programme. (source)

BANKING - Iran dealings put Turkey's Halkbank in spotlight

ISTANBUL, Jan 4 (Reuters) - Turkish lender Halkbank , little known outside Turkey, has gained a reputation in the oil market over the past 18 months for handling transactions that other banks fear to touch - trade deals with Iran.

Now a new law signed by President Barack Obama last Saturday, which imposes U.S. sanctions on financial institutions dealing with Iran's central bank, has put the bank squarely in the spotlight. (source)