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)

WORLD - PUBLICATIONS - Islamic Finance News GUIDE 2012

Country Reviews :

Czech Republic: Seeking Solutions
France: Seeking diversity
Germany: More talks, little action
Ireland: Will Islamic finance offer respite?
Italy: Friends in high places
Luxembourg: Gaining momentum
Malta: The Bahrain of the Mediterranean
Russia: Lukewarm reception
Turkey: A bumper year for Islamic finance
UK: Real estate to dominate


Full Guide

TURKEY - BANKING - Bank Asya press conference

www.bankasya.com.tr - Bank Asya board member and general manager Mr. Abdullah CELİK held a press conference on 08.02.2012 and the main topics are listed below:

• Bank Asya continues ongoing negotiations with buyers regarding the sale of its Isik Sigorta (Insurance Subsidiary) shares. Depending on the offers, Bank Asya may sell entire of its shares. (source)

TURKEY - EVENTS - AUTUMN SCHOOL - Durham Islamic Finance Autumn School 2011

Let's meet in Istanbul, the magnificent city of history, culture and trade, for the 

DURHAM ISLAMIC FINANCE AUTUMN SCHOOL 2011

in ISTANBUL

DURHAM CENTRE FOR ISLAMIC ECONOMICS AND FINANCE,

DURHAM UNIVERSITY, UK

in cooperation with

ISAR – Istanbul Foundation for Research and Education

supported and hosted by

Istanbul Commerce University (of the Istanbul Chambers of Commerce)

19 September – 22 September 2011, ISTANBUL
Venue: Istanbul Commerce University, Eminonu, Istanbul,
overlooking the historical Golden Horn and at the shores of the historical peninsula

(more info hereunder)

HUNGARY - Hungary hungry for IF

Hungary's first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary's Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger. Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari'ah compliant bank, called Magyar Iszlam Bank in the coming years.(source)

BANKING - Albaraka Turk Seeks Partnerships in Albania, Bosnia, Star Says

Albaraka Turk Katilim Bankasi AS, an Islamic bank based in Turkey, is in talks with two banks to set up strategic partnerships in Albania and Bosnia-Herzegovina, Star newspaper reported, citing Albaraka Turk Chairman Fahrettin Yahsi.(full story)

BOSNIA - Saudi investors pledge to invest in Bosnia (IDB)

SARAJEVO: Saudi investors pledged on Wednesday to invest in Bosnia with $50 million starting capital and Turkey said that one of its banks will extend credit lines for infrastructure projects.

Officials from the Middle East and Turkey said they wanted to help development of Bosnia, a Balkan country.

The Islamic Development Bank (IDB), AlBaraka banking group and other Saudi investors have formed a joint investment company for Bosnia, said Saudi Arabia’s Saleh Kamel, the chairman of the Islamic Chamber of Commerce and Industry. (full story)

ALBANIA - TURKEY - IDB Gives $511 Mln in Loans, Grants for Member States’ Projects

Islamic Development Bank said that its board of executive directors approved today about $511 million in loans and grants for several projects in member countries.

The Jeddah-based multilateral lender, known as IDB, said the approved projects include $222 million to build a road in Albania, $108 million to schools development program in Turkey, and $95 million for the construction of grain steel silos in Pakistan.   (full story)

TURKEY - KATLM "Participation Index" for the IMKB/ISE Istanbul Stock Exchange

 As from Jan 6, 2011 a new "Participation  Index" (KATLM) will be listed on the IMKB/ISE Istanbul Stock Exchange, sponsored by the 4 Turkish Participation Banks (Albaraka Turk, Bank Asya, Kuveyt Turk and Turkiye Finans) and managed by BMD Bizim Menkul Degerler.

There is an industry screening and financial screening (max 30 % interest bearing debt - max 30 % cash and interest bearing receivables - max 5 % non permissible income model) that is further narrowed down to the 30 biggest companies listed (details HERE).

Unfortunately, the index apparently only targets the interests of Turkish investors, since the website uniquely caters for a Turkish speaking audience.

To give you an idea of the initial industry spread, see hereunder:

NEW YEARS THOUGHTS - Will dawn of new year take Islamic finance to next level?

By MUSHTAK PARKER | ARAB NEWS

Published: Jan 3, 2011 00:42 Updated: Jan 3, 2011 00:42 

The dawn of the new Hijrah year and 2011 could either signify more of the same as in the last year or a leap toward the first steps to taking the global Islamic finance industry to the next level as Malaysian Prime Minister Mohd Najib Tun Abdul Razak's government says it aspires to do.

RUSSIA - EVENTS - Roundtable «Islamic Finance in Russia & CIS — market and regulation» Istanbul, January 25, 2011

«Islamic Finance in Russia & CIS
— market and regulation»

Istanbul, January 25, 2011

The Round table will bring together top level representatives from financial and economic ministries, central banks and other regulating bodies of Russia, CIS countries, the Gulf, Southeast Asia and Europe. The event will focus on cooperation and mutual consultations at the application of a wide range of available financial instruments to strengthen the financial system. In particular, Round table will be dedicated to Islamic finance – international experience of application, regulation and use in daily economic practice.

RUSSIA - TURKEY - BANKING - Turkish bankers find Russian financial market reliable (Bank Asya)

Turkish bankers consider the Russian financial market to be stable and reliable, Cenk Karacaoglu, the Vice President of the leading Turkish financial institution Bank Asya said in Moscow. He added financial services as specific as Islamic financing is quite promising in Russia.

Mr. Karacaoglu announced this in Moscow where he took part in an international conference called "Islamic Finance. Prospects of Development in Russia".

At present, there is no intensive cooperation between Russian and Turkish banks, but this is beginning to change. Turkish banks are establishing their representative offices in Russia and entering the European market. All this shows that cooperation in a wide range of banking services has good prospects: insurance, renting etc. We want Turkish and Russian banks to intensify cooperation and jointly enter partner markets, including the Middle East region.

FRANCE - UK - Europe: London and Paris battle for business

By David Oakley, Capital Markets Correspondent

The French like nothing better than to outshine the English.

Although the ideal platform for this is usually the rugby field, the French see an opportunity to challenge their counterparts on the other side of the English Channel by developing Paris as a centre for Islamic finance in Europe.

LUXEMBOURG - Luxembourg's Finmin sees incredible opportunities in Istanbul

Luxembourg's Finance Minister Luc Frieden said that he saw incredible cooperation opportunities in Istanbul.

Attending a seminar at Istanbul Stock Exchange (ISE) titled "Financial Cooperation Opportunities between Luxembourg and Turkey" on Tuesday, Frieden said that the EU and Luxembourg had many things to learn from Turkey, adding that Turkey and Istanbul also had lessons to learn from Luxembourg.

TURKEY - dedicated blog "Islamicfinanceturkey.blogspot.com"

For detailed information about Islamic finance in Turkey - do visit Islamicfinanceturkey.blogspot.com and keep updated.

EUROPE - International Borrowers Take to Islamic Bond Market

DUBAI — Until recently the issuance of Islamic bonds, or sukuk, was confined to the Muslim world. But now a number of international borrowers are tapping the markets, including Nomura Holdings in Japan and Europe's first corporate borrower, International Innovative Technologies.