BANKING - Al Baraka eyes more growth, Turkey Sukuk

www.tradearabia.com - Bahraini Islamic lender Al Baraka Banking Group aims for 15 per cent growth in net profit this year and plans to buy a 75 per cent stake in an unlisted Indonesian bank as part of its global expansion plan.

'We are in talks with Chinese shareholders of an Indonesian bank and hope to buy close to 75 per cent stake this year,' Adnan Ahmed Yousif, Al Baraka's chief executive, told Reuters in an interview.

'Our plan is to invest around $100 million in this deal,' he said, noting that the targeted bank, which he declined to name, is a conventional lender that will eventually be converted to Islamic.  (source)

CAPITAL MARKETS - Al Baraka Turkish unit to issue $200m sukuk

www.tradearabia.com - Bahraini lender Al Baraka Bank's Turkish subsidiary will go ahead with a $200 million Islamic bond issue in the first quarter, after delaying a sale last month due to pricing concerns, the bank's chief executive said.

'We will launch the sukuk in the first quarter of this year,' Adnan Ahmed Yousif said in an interview on the sidelines of an Islamic finance and banking conference in Oman. (source)

FINANCE - Unicorn changes name to Bank Alkhair (Bank Akhtiar Turkey)

Unicorn Investment Bank, a Bahrain-based Islamic investment bank, today changed its name to Bank Alkhair with the launch of a new brand identity.

The bank’s subsidiaries in Saudi Arabia, Malaysia and Turkey will now officially operate under the names Alkhair Capital Saudi Arabia, Alkhair International Islamic Bank Malaysia and Alkhair Capital Turkey, respectively. (source)

FINANCE - Albaraka Turk closes $350m loan facility

Bahrain-based Albaraka Banking Group (ABG) said its Turkish unit Albaraka Türk Katılım Bankas has successfully closed a $350 million dual-currency syndicated murabaha financing facility.

Several major banks including ABC Islamic, Emirates NBD, Noor Islamic and Standard Chartered acted as the initial mandated lead arrangers and the bookrunners for the transaction. (source)

BANKING - ABG Al Baraka’s H1 income surges 15pc to $353m - expansion Albaraka Turk

Bahrain-based Al Baraka Banking Group (ABG), a leading Islamic bank, has posted a rise of 15 per cent in its operating income which reached $353 million in the first six months of the year.

After deducting all operating expenses, net operating income was up 13 per cent to $170m. (source)

BANKING - Al Baraka Turk unit opens new Head Office

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Al Baraka Turk, one of the subsidiaries of Bahrain-based Al Baraka Banking Group has announced the opening of its head office in Turkey.    

 

The new head office was inaugurated by Turkish Prime Minister Recep Tayyip Erdogan.

 

"We see this magnificent building as a materialised symbol of our 25 years of successes and our bright future," said Al Baraka general manager Fahrettin Yahsi. 

"Many Arab banks are interested in Turkey and waiting in the queue to operate in the country," said Al Baraka Banking Group president and chief executive Adnan Yousif.

"Since the beginning of its operations in 1985, Al Baraka Turk managed to bring a different vision to the Turkish financial sector with its new financial model and understanding that it represents and is making breakthroughs with its vision to become the best participation bank in the world," he added.-TradeArabia News Service