Al Baraka Turkish unit to issue $200m sukuk


24/01/2012 21:58 AST  Reuters

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.

Albaraka Turk Participation Bank is Al Baraka's largest unit and the first bank in Turkey to operate on Islamic principles. It said in December it had postponed the planned issue because the yields investors expected were too high.

Strong demand for a $350 million sukuk issued by Turkish bank Kuveyt Turk in October has underlined how Turkey may become a major source of Islamic bonds for Gulf investors keen to diversify geographically.

The Islamic banking group posted a net income of $166 million in the first nine months of 2011, an increase of 13 percent over the same period in 2010.

'2012 will be better than 2011, we anticipate to improve our balance sheet by 15 percent over last year,' Yousif said.

In October, he said Al Baraka Bank was keen on expanding into Libya following the change in government, and to expedite its previously filed Islamic banking license in the country.

'We are planning another 50 branches in 2012, in countries such as Turkey, Pakistan, Algeria, Egypt and Tunisia,' he said.

He also reiterated that the creation of a long-touted $3 billion Islamic megabank would still go ahead, and the project was now placed in the hands of the Islamic Development Bank (IDB).

Albaraka Banking Group - BARKA
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
ANBINSURANCE 73.25 1,113,267
GFH 0.21 6,000
SECO 14.45 4,601,808
ADIB 6.87 469,821
EMAAR 10.6 26,725,785
ACIG 28 2,410,109
WALAA 28.2 1,663,230
Recent News

URC Sponsors INJAZ-Kuwait’s Company Program in Marina Mall
United Real Estate Company (URC), one of the MENA region’s leading real estate developers announces its sponsorship of INJAZ-Kuwait’s Company Program in Marina Mall, Kuwait for the sixth consecutive

Philippine Maintains Inflation Targets
Philippine inflation targets for 2014 to 2016 were kept unchanged as it remain consistent with current inflation dynamics, the Bangko Sentral ng Pilipinas said in a report on Monday.

The

FCA Misconduct Fines of Individuals Drop 40% in 4 Years
The number of fines issued to senior bankers by the U.K.’s financial watchdog has fallen 40 percent since 2010 as the new regulator continues to seek its first “big fry.”

The Financial Con

Property-Tax Collections Rising at Fastest Pace Since U.S. Crash
Property-tax collections are rising at the fastest pace since the U.S. housing market crash sent government revenue plunging, helping end an era of local budget cuts.

In cities including S

Futures flat as investors await earnings onslaught
(Reuters) - U.S. stock index futures pointed to a flat open on Monday as investors found few reasons to keep buying following a strong rally last week and ahead of a heavy week of corporate earnings.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?