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Daily Cover
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TURKEY:
Albaraka Turk Katilim Bankasi has reportedly announced that it seeks to
auction between US$300-400 million-worth of Sukuk this year. The Turkish arm
of Albaraka Banking Group will follow through this route subject to market
conditions. The Sukuk is said to be structured under either an Ijarah or
Wakalah structure and is expected to hold a tenor of between 3-5 years.
Albaraka Turk first announced its Sukuk plans during the Islamic
Finance news
roadshow in Turkey last year. It was revealed that the bank was considering a
Sukuk worth at least US$200 million to be issued by the first quarter of
2014, but has now increased the amount. The bank last auctioned a US$200
million Sukuk in April 2013.
For the third quarter of 2013, Albaraka Turk registered an
unconsolidated net profit of TRY51.6 million (US$23.61 million), an 18.3%
decline compared to TRY63.1 million (US$28.87 million) it recorded in 2012.
The bank’s net income for the first nine months increased to TRY151.7 million
(US$69.42 million) while its assets stood at TRY15.4 billion (US$7.04
billion).
In efforts to propel the Islamic finance market in the republic,
the Turkish government has thus far launched two sovereign Sukuk issuances.
The corporate sector appears to be dominating the Islamic capital market,
being a source of funding diversification and investor base expansion.
According to statistics by Borsa Istanbul, approximately US$2.1
billion and TRY5.1 billion (US$2.33 billion) has been raised in the Sukuk
market, since the beginning of 2012. Of this total amount, US$600 million and
TRY175 million (US$80 million) are attributed to the private sector. Taking
into account the growing Turkish economy and the ongoing infrastructure
projects in the country, Islamic debt instruments are said to be a viable
funding tool.
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Friday, January 31, 2014
Albaraka Turk aims to double its 2014 Sukuk issuance to US$400 million - IFN
Thursday, January 30, 2014
The Philippines Year in Review 2013 - OBG
The Philippines Year in Review 2013
While damage from Typhoon Haiyan pushed up inflation and darkened the medium-term economic forecast, the Philippines benefited from a significant increase in foreign direct investment (FDI) and three credit rating upgrades during the year.
The Philippines was the fastest-growing economy across Asia in the first quarter of 2013, ... Read more.
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