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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 33.93 529,509
SECO 19.36 6,709,190
SABIC 93.04 3,372,968
ALKHODARI 30.22 833,805
MERS 215.3 63,648
EEC 35.21
SPIMACO 43.93 463,436
Recent News

US index at peak, European stocks extend gains on Greece, Fed
European stocks extended gains for a sixth day to its highest level in seven years, and US indexes recovered to hit another record after Greece proposed a list of reforms to euro group and Federal Re

Afriland First Bank officially launches Islamic finance in Cameroon
At an event held at the Hilton Hotel in Yaounde, Cameroon, on 20 February, Afriland First Bank unveiled its suite of Islamic finance products.

For more than 10 years, First Bank has been a

Shurooq promotes healthcare sector in Berlin
The Sharjah Investment and Development Authority (Shurooq) has participated in the eighth Arab-German Health Forum, which took place recently in Berlin, the capital of Germany.

The two-

Etihad signs Dhs8 million deal with Cirta
Etihad Airways, the national airline of the United Arab Emirates, and CIRTA Electro Mechanical and Maintenance, a Khalifa Fund member, have signed an Dhs8 million agreement that will see CIRTA develo

DCCI to integrate business communities
As part of its efforts to integrate the business communities of Dubai and Fujairah, the Dubai Chamber of Commerce and Industry (DCCI) led a high profile Dubai delegation for a roundtable meeting wit

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

Poll

Which of the following do you think is the best long-term investment?