Turkey’s Bank Asya eyes opportunities in India - IFN

Turkey’s Bank Asya eyes opportunities in India

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GLOBAL: Cenk Karacaoglu, the vice-president of Turkey-based Bank Asya, has said that the participation bank is looking forward to increasing bilateral trade between the republic of Turkey and India to US$15 billion from the current $5 billion within the next five years. It was also suggested by the president of the All India Association of Industries that the setting up of Turkish banks in India could potentially grow financial ties between the two economies. According to sources, Bank Asya is looking to offer Shariah compliant banking services in India and is currently awaiting approval from the country’s regulators. India’s growing economy is said to be the main push factor behind the bank’s desire to enhance business ties with the country of over 1 billion people, of which an estimated 13.4% are Muslims. Bank Asya recently came to market with the first Tier-2 subordinated Sukuk out of Europe and the Middle East with the aim to enhance its capital adequacy ratios. The paper, due in 2023, was issued at US$250 million and was structured as a hybrid Ijarah-Murabahah and listed on the Irish Stock Exchange. The issuance, said to be the first of its kind, was issued via Asya Sukuk Company, a Cayman Islands incorporated SPV.