GERMANY - Albaraka Turk enters Iraq - plans for Germany, Albania, Kosovo and Bosnia in the medium term

www.hurriyetdailynews.com - Albaraka Türk has become the first Turkish participation bank to open a branch in the city of Arbil in northern Iraq. The bank also plans to branch out to Qatar, Bahrain and Dubai in the near term and Europe, specifically Germany, Albania, Bosnia and Kosovo, in the medium term. “We are in Iraq to increase the presence of Turkish firms in the region, to support the development of the region and to modernize the Middle East,” Albaraka Türk’s general manager, Fahrettin Yahşi, told daily Hürriyet. Yahşi said Arbil was the most developed region in Iraq and on the brink of a re-birth, adding that Albaraka Türk was there to help the city reach its target of becoming a future Dubai. (source)

LUXEMBOURG - QATAR - “Together we can achieve more”

www.lff.lu - These words by Luxembourg Minister of Finance, Luc Frieden, summed up the discussions at a seminar organised by LFF with the support of the Qatar Financial Centre Authority (QFCA). This event, which is the first to follow the signature of a Memorandum of Understanding (MoU) between the Grand Duchy and the State of Qatar six months ago, was designed to foster contacts between members of the two respective financial centres. Minister Frieden’s words were echoed by Mr Abdulrahman Al Shaibi, Managing Director of the QFCA: “We have so many things in common”, he said; “we can learn from each other’s experience.” (source)

LUXEMBOURG - Qatar, Luxembourg strengthen cooperation

www.theasset.com - The Qatar Financial Centre (QFC) Authority and Luxembourg for Finance are exploring how to further advance their partnership for financial services.

 

They recently completed a seminar which followed the signing of a memorandum of understanding (MOU) between QFC Authority and Luxembourg for Finance last year, to promote cooperation between the two countries in financial services.  Among the topics discussed at the seminar were financial services opportunities in Qatar and the role of Luxembourg as an international hub for financial services in Europe. Luxembourg for Finance is the agency for the development of Luxembourg as a financial centre. (source)

BOSNIA - HERZEGOVINA - ARTICLES - Islamic Banking with a Closer Look at Bosnia and Herzegovina: Knowledge, Perceptions and Decisive Factors for Choosing Islamic Banking

Islamic Banking with a Closer Look at Bosnia and Herzegovina: Knowledge, Perceptions and Decisive Factors for Choosing Islamic Banking

Ugur Ergun and Irfan Djedovic

This study investigates the knowledge, perceptions and decisive factors for choosing Islamic banking in Bosnia and Herzegovina. In-depth and usual survey methods are used to identify the factors which influence the success of islamic banking applications based on the result from factor analysis. The sample is selected randomly among the users and non-users of the Islamic banking. The analysis' result indicates that general knowledge about Islamic banking is low. The perceptions of Islamic banking are not positive. Also, the results indicate that the religion is the most influential decisive factor for choosing the Islamic banking. (download link)

LUXEMBOURG - Luxembourg boosts its role as Islamic finance centre

gulf-times.com - Qatar made a splash in Luxembourg yesterday with deals to buy two banks in a sign of the State’s desire to make the Grand Duchy an Islamic financial centre in Europe.

Hours after the French and Belgian governments announced the break-up of the Dexia banking group, Luxembourg announced that Qatar had decided to buy the troubled lender’s unit in the country, Dexia BIL. 

Moments earlier, the Belgian bank KBC revealed that it was selling its Luxembourg unit, KBL, to the Qatari state investment fund Precision Capital for €1.05bn ($1.41bn).   (source)

ITALY - Barwa Bank official showcases new concept at Italian university

Barwa Bank, Qatar's newest Sharia'h compliant banking service provider, was invited to showcase the details and unique features of its new concept branch that was announced to customers in Qatar earlier last month.

The invitation came from Parma University in Italy where Hussain Fakhri, Head of Marketing Communications at Barwa Bank addressed the students of masters programme in Retail Banking, and explained the vision and concept behind the branch. (full story)

UK - Qatar's QIIB to buy out Islamic Bank of Britain

* Offer values Islamic Bank of Britain at around 25 mln stg
* Offering 1 pence per IBB share, 70 pct discount

LONDON, March 16 (Reuters) - Qatar International Islamic Bank (QIIB) QIIB.QA has agreed to buy full control of the Islamic Bank of Britain (IBB) (ISLB.L) as part of QIIB's plans to develop an international banking business compliant with Sharia laws.

The deal values the British bank at around 25 million pounds ($40.19 million). (full story)