Friday, January 31, 2014

Albaraka Turk aims to double its 2014 Sukuk issuance to US$400 million - IFN

Daily Cover
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.

Thursday, January 30, 2014

The Philippines Year in Review 2013 - OBG

The Philippines Year in Review 2013

Although rocked by the worst typhoon in its history late last year, the Philippines was one of Asia’s 2013 success stories, maintaining strong macroeconomic fundamentals and steady GDP growth.
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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Citizen UK achieves record trading in 2013; Michael Kors opens accessories store in London; The quirks of SIHH that keep it real

Wednesday 29 January 2014

Citizen UK achieves record trading in 2013
Rachael Taylor
Sales up 9.9% as watch brand invests heavily in marketing.

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Michael Kors opens accessories store in London
Lifestyle store in Canary Wharf to sell brand's licensed watch range.

The quirks of SIHH that keep it real
Daniel Malins reports from Geneva on haggling amidst luxury.

HOT 100 2013: Sophie Ellis, Sophie E Ellis
Central Saint Martins graduate on her alternative take on watches.

WOTY2013: Urwerk EMC
Watch owners can take control and make adjustments to the movement.

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