Something Turkish this way comes (By IFN)

TURKEY: One year since Islamic Finance news ran our cover story on the Islamic finance industry in Turkey (Vol. 8, Issue 34), the country’s Shariah compliant financial space has grown in leaps and bounds, keeping up with expectations of the industry’s promising prospects. This can be seen by the spate of Islamic finance activities seen of late, with one of the country’s Islamic banks, Albaraka Türk Katilim Bankasi, aiming to raise up to US$500 million via a syndicated Murabahah facility in the first week of September 2012; and another US$250 million through a Sukuk offering by the end of the year. The bank’s chairman, Adnan Ahmed Yousif, who is also president and chief executive of its parent, Al Baraka Banking Group, reportedly said that the syndicated facility will be denominated mainly in US dollars, with some in euros. Turkey’s Islamic, or participation banks, have also set to work in expanding their presence beyond local shores, with Albaraka Türk itself already setting foot in Iraq by opening a branch in August this year. Additionally, its counterpart, Kuveyt Türk Katilim Bankasi is reportedly seeking to establish a presence in Germany by setting up a branch in Frankfurt. Other deals include local real estate investment trust Is Gayrimenkul Yatirim Ortakligi’s signing of a US$50 million syndicated Murabahah financing facility with banks from the Gulf. The pick-up in Islamic finance activities in the country has culminated in a near-25% growth in Islamic financing activities in the last 12 months, with Dealogic data on Islamic financing deals by country showing the amount reached US$1.1 billion as at the 29th August 2012, from US$881 million a year earlier. Additionally, the country is now ranked seventh in Dealogic’s data for Sukuk volume by issuer nation, with US$400 million-worth of Sukuk sold in the last 12 months up to the 29th August. The country was not ranked on the table last year.