Kuveyt Turk wins ‘Turkey’s Leading Sukuk Issuer" Award

04.11.2016

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Kuveyt Turk wins ‘Turkey’s Leading Sukuk Issuer" Award

04.11.2016

Kuveyt Türk has been awarded the “Turkey’s Leading Sukuk Issuer” award in 2016 at ‘Capital Markets Awards’ held by Turkish Capital Markets Association (TSPB). The award was handed by President Recep Tayyip Erdoğan to Mr. Ufuk Uyan, CEO of Kuveyt Türk.

Turkish Capital Markets Association (TSPB) has this year nominated Kuveyt Türk for its contribution to the market at its award ceremony where the companies adding value to capital markets each year. Kuveyt Türk issued Tier-II sukuk of 350 million dollars in February, domestic lease certificate of 300 million Turkish Liras in May and international sukuk of 500 million dollars in October this year holding its title of being the largest sukuk issuer in Turkey.

Expressing their pleasure that they have contributed to the Turkish economy with the highest-amount “sukuk” issues performed by the private sector and that they have been deemed worthy of that award, Mr. Ufuk Uyan, CEO of Kuveyt Türk stated that they were pleased with the demand for the sukuk issuance and regional diversity of the demand. Emphasizing that the sukuk issuance was the indication of international investors’ confidence in Kuveyt Türk, Mr. Uyan said, “this reveals their Kuveyt Türk and their appetite for taking the medium-long term risk of Kuveyt Türk and Turkey. In this respect, we are very pleased that we bring in new resources to our country. It is seen that our issuance will serve as a benchmark for other overseas issues to take place in Turkey. As a matter of fact, when all the issues of other banks in 2016 are compared, this is the most successful issue in terms of the demand level and the cost. Ongoing development and improvement of investment banking and confidence of sukuk investors in the sector and our country as well as the strong equity structure and quality asset structure of Kuveyt Türk have become influential in successful closing of this issue”.

Kuveyt Türk had issued 21 sukuk issuance of around 1 billion 524 thousand TL and three lease certificate in ringit currency, in total 800 million ringit, to the eligible investors in the country as well as in terms of initial public offering which is the highest-amount lease certificate issuance made so far by the private sector in Turkey in 2015.

 
 
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International Dollar Sukuk Issue by Kuveyt Turk Attracts High Demand

01.11.2016

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International Dollar Sukuk Issue by Kuveyt Turk Attracts High Demand

01.11.2016

Kuveyt Türk’ s international sukuk issuance of USD 500 million for a maturity of 5 years attracted great interest from investors. The deal also has become the most successful international capital markets issuance performed from Turkey in 2016.

Pioneering the innovations and records in domestic and overseas sukuk markets, Kuveyt Türk’s sukuk issuance with a nominal value of USD 500 million and maturity of 5 years encountered with 4 times greater demand than the amount, despite its competitive pricing. The issuance has attracted 150 international investors from the Gulf, Europe and Asia. 61% of the investors are from Gulf countries, 27% England and continental Europe and 12% from Asia.

Expressing their pleasure with the level of demand for the issuance and regional diversity of the investors, Mr. Ufuk UYAN, the General Manager of Kuveyt Türk said, “Just like our previous issues, the international investors have once again displayed their confidence toward Kuveyt Türk and their appetite for taking the medium-long term risk of Kuveyt Türk and Turkey. In this respect, we are very pleased that we bring in new resources to our country. It is seen that our issuance will serve as a benchmark for other overseas issuances to take place in Turkey. As a matter of fact, when all the issuances taken place in 2016 are compared, this is the most successful issuance in terms of the demand level and the cost. Ongoing development and improvement of investment banking and confidence of sukuk investors in the sector and our country as well as the strong equity structure and quality asset structure of Kuveyt Türk have become influential in successful closing of this transaction”.

Kuveyt Türk has appointed KFH Capital as Global Coordinator, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Noor Bank, Qinvest, Standard Chartered Bank as Lead Arranger/Bookrunner, and Al Rayan Investment and Warba Bank Co-Arrangers.

 
 
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Kuveyt Turk’s New Commercial Spot

26.10.2016

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Kuveyt Turk’s New Commercial Spot

26.10.2016

Kuveyt Türk calls for the golds sleeping at home to work and earn money

In the new commercial spot Kuveyt Türk encourages Turkish people to put the traditional gold keeping methods aside and evaluate them in the country’s economy. The bank has explained the importance of gold by redefining it in the spot. The commercial spot starting with recalling the significance and value of the gold in our traditions featuring scenes from birthgiving, marriage and ladies meeting days where the guests gift gold coin to hosting lady goes on with scenes featuring various gold-keeping methods.

“Working gold means earnings for the people and support for the economy”

The commercial spot pointing out that majority of Turkish people still continue using traditional methods of keeping their gold at home emphasizes that the working gold is more valuable than those sleeping at home. The commercial spot describes the working gold as the “earnings for the people and support for the economy”.

Calling on the people to support the gold reserve of Turkey while making savings in gold, the commercial spot stands out the motto “Both you and Turkey will earn”.

“Kuveyt Türk, the gold expert”

In the commercial spot, Kuveyt Türk positions itself as the “first bank coming to mind in terms of gold banking” and “gold expert”. The commercial spot features the footages reflecting the sincerity and cleverness of Turkish people accompanied by its original music.

Kuveyt Turk’s new commercial spot has been produced by Gram Istanbul advertising agency. Taking two days to be shot, the commercial spot has been directed by the film and spot director Emir Khalilzadeh.

In terms of gold accounts, Kuveyt Türk ranks the first among the participation banks and the second among all the banks.

Launched its gold savings campaigns in 2011, Kuveyt Türk has since collected 11 tons of gold. More than 80.000 customers have participated in the gold days held on a weekly basis at all branch offices. In terms of gold accounts, Kuveyt Türk leads the participation banking market with its market share of 55%. It enjoys the second rank among all the banks with its market share of 12%.

 
 
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A First From Kuveyt Türk

21.10.2016

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A First From Kuveyt Türk

21.10.2016

Private Pension System (BES) Launched in Digital Banking

Senin Bankan (Your Bank), the first digital interest-free banking platform offered by Kuveyt Türk adds another new service to is digital banking services. Senin Bankan launched by the Bank in an effort to enable the customers to perform banking transactions at any time and place and become very popular within a short period of time has now introduced the Private Pension System on the digital environment. Kuveyt Türk is the first and only participation bank that performs PPS online.

First off, it is required to fill in a simple form on the Senin Bankan platform in order to apply for the Senin Bankan PPS Pension Scheme. Then, Katilim Emeklilik, the susidiary of Kuveyt Türk, contacts the applicants and completes the PPS membership by obtaining required details. This application enables the PPS participants to enjoy lower-cost pension scheme with lower premiums and without visiting a branch office.

“We are aiming to introduce PPS to young people”

Stating that the Private Pension System attaining an important customer potential in Turkey recently continues to be focus of interest with the government subsidy and the campaigns launched by the PPS operators, Mr. Mehmet Oral, Asst. General Manager of Kuveyt Türk said, “With increasing benefits of digital banking, we are aiming to introduce the private pension system to the young people in particular. The fact that the Private Pension System being accessible online, state subsidy, lower costs all make the PPS a safe harbor. Thus, Senin Bankan further expands the coverage of digital banking”.

Mr. Oral stating that the Senin Bankan application differs from other banks in terms of meeting the changing needs of the customers with ease of service went on to say, “PPS pension scheme shall be made available at lower costs to the customers on the Senin Bankan platform. Our PPS applicants may enjoy various campaigns offering premium-based gold point, shopping opportunity etc.”

 
 
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‘Apple of Eye’ Handicraft Exhibition from Kuveyt Turk

14.10.2016

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‘Apple of Eye’ Handicraft Exhibition from Kuveyt Turk

14.10.2016

One of the Turkish arts that dominate the traditional culture and arts, the art of Kaat’ı or Paper Cutting will meet its lovers at Kurretu’l-‘Ayn Kaat’ı exhibition hosted by Kuveyt Türk.

The exhibition where the works of Müjgân Başköylü, the founder of New York Islamic Arts Center and the master of Kaat’ı (paper cutting) and of her students has been opened on last Thursday, October 13, at the exhibition hall of the General Management Building of Kuveyt Türk. Hosted by Ufuk Uyan, the CEO of Kuveyt Türk, the opening ceremony of the exhibition has attracted many art-lovers in addition the masters of Kaat’ı including Dürdane Ünver, Hikmet Barutçugil and Ali Hüsrevoğlu.

Speaking at the ceremony, Mr. Uyan said, “Turkish-Islamic traditional arts enjoy a special place among the activities we, as Kuveyt Türk, support in a bid to ‘preserve and maintain our values’. The art works which we keep very close to us at our branch offices have also inspired our service approach. We will do our best to get more public attraction and interest in our traditional arts by hosting the invaluable artists at our center more frequently and keeping this venue open to public.”

Taking a speech, Müjgân Başköylü, the Kaat’ı artist, said, “Our goal in founding the New York Islamic Arts Center was to see eyes glowing and introduce the Islamic arts to overseas art lovers. At this exhibition, we wanted to share our handicraft works and explain how we make them. On this very occasion, I express my cordial gratitude to Kuwait Turkish for its invaluable contributions”.

Kuveyt Türk keeps traditional arts alive

The Kaat’ı exhibition that will take the visitors through ‘a journey of the harmony of elegant sections’ stands out in that it is an authentic and pioneering work collecting reinterpreted works under the same umbrella.

Kuveyt Türk performing significant social responsibility project in an effort to enliven our values while contribution to the development of banking sector protects and looks after the Turkish-Islamic art works impressing the society. Our Bank is aiming at conveying the value and meaning of these works into the future accurately.

The exhibition will take place between October 13 – November 14, 2016 at the General Management Building of Kuveyt Türk at Esentepe.

 
 
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Kuveyt Turk wins "Turkey’s Best Islamic Financial Institution" Award

11.10.2016

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Kuveyt Turk wins "Turkey’s Best Islamic Financial Institution" Award

11.10.2016

Kuveyt Türk has been awarded as “Turkey’s Best Islamic Financial Institution” as part of a study to select the best of the banking sector as conducted by Global Finance, one of the most important economy and finance periodicals of the world. Attending at the award ceremony held in Washington, Kuveyt Türk’s CEO Mr. Ufuk Uyan and Kuwait Finance House (KFH) Group CEO and Kuveyt Türk’s Director Mr. Mazin Saad Al-Nahedh have together received the prize.

Expressing their great pleasure that they have been deemed worthy of that award as a recognition of the presence of Kuveyt Türk in Turkey for more than a quarter of century, its leading position in the sector and customer confidence, Mr. Uyan said, “For 27 years, we offer innovation banking services and conduct important studies in order to enhance such services for the benefit of our clients. In addition to best solutions offered to our clients, we continue bringing in innovative products and services to the market with the aim of maintaining the progress of the participation banking. We express our cordial gratitude to our employees who have not spare any efforts toward that success of our Bank which has the first ever R&D Center in Turkey holding A1 certificate, manages the funds established as per participation finance principles in a special structure and introduces the participation banking to Europe”.

Kuveyt Türk's main partner, Kuwait Finance House, as a result of the same research the magazine Global Finance, received the awards “Best Islamic Financial Institution in GCC” and “Best Islamic Project Finance Provider”.

New York-based magazine, reaching more than 50 thousand readers in 180 countries, Global Finance selects the best banks of the world every year.

 
 
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KUVEYT TURK TO PROVIDE EMPLOYMENT TO 200 PEOPLE

04.10.2016

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KUVEYT TURK TO PROVIDE EMPLOYMENT TO 200 PEOPLE

04.10.2016

Kuveyt Turk, the leading bank in the participation banking sector will prepare for greeting the year 2017 with its new employees. Bank which has already started to take admissions for the employment 200 new employees in the branches it is going to open at the following year, General Directorate and Information Technology units, aims to contribute the growth of Turkey by supporting the real economy.

Kuveyt Turk which accepted the admissions of the people who are eager to work in the field of interest-free banking and were graduated from the Departments of Economics and Administrative Science, or Engineering (Management Engineering, Industrial Engineering and Computer Engineering) of the Universities, aims to continue and increase the “customer satisfaction” which is maintained for 27 years with the customer and success oriented employees. Kuveyt Turk which has already provide employment to 5 thousand 445 people and also provide opportunity of half-time job training with “Campus at the Bank” project to 600 students.

Admission are able to be performed by the www.katilbize.com web address of the Kuveyt Turk until the date of 14th November 2016.

 
 
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Kuveyt Turk wins "Best R&D Center Prize" for the third time

28.09.2016

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Kuveyt Turk wins "Best R&D Center Prize" for the third time

28.09.2016

For the consecutive third time, Kuveyt Türk’s R&D Center has been awarded the “Best R&D Center” prize in Banking and Finance Sector at the 5th Private Sector R&D Centers Summit, this year.

Kuveyt Türk Katilim Bankası has been elected as the “Best R&D Center” in Banking and Finance category at the summit held in Ankara, for the consecutive third time. Mr. Nihat Zeybekçi, Minister of Science, Industry and Technology, who has attended the summit has presented the prize to Mr. Mücahit Gündebahar, the Group Manager of Kuveyt Türk Information Technologies, during the R&D Centers Performance Index Award and Certification Ceremony.

Expressing their pleasure that they have been awarded the prize for the third time in a row, Mr. Gündebahar said, “Celebrating its 5th year, Kuveyt Türk’s R’D Center continues its pioneering efforts in banking sector with its enriched staffing and improved infrastructure. Becoming our source of pride with consecutive prizes since its establishment, I feel great pleasure to see this award on the front window of our R&D Center for the third time. I cordially celebrate my colleagues for their team harmony, successful coordination and well-disciplined efforts. On this very occasion, I would also like to express my gratitude to local and overseas business partners for their hard-working and labor who have not spared any efforts bringing in this success.”

“We will continue bringing in new projects which will add to the prestige of Turkey in technology”

Stating that the most important driving force for the R&D Center aiming at combining and harmonizing the technology and R&D vision with the vision of the country is to become an actor in the national cause and raise the participation banking, Mr. Gündebahar underlined that the R&D Center operating under international standards would continue putting its signature under new projects which will contribute to Turkey’s prestige in the field of technology.

The prize is given in recognition of the important steps taken as part of the 2023 vision of Turkey and motivating its potential in innovation. The prizes given after assessing 272 R&D centers within their respective categories are aiming at encouraging the R&D and entrepreneurship activities of the firms producing with high added value and technological level.

 
 
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Participation Banking Compliant “State Subsidized Housing Account” from Kuveyt Turk

26.08.2016

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Participation Banking Compliant “State Subsidized Housing Account” from Kuveyt Turk

26.08.2016

Kuveyt Türk has introduced state subsidized housing account to support Turkish national who have no owned house to own the first and only house in Turkey. Introduced as interest-free banking compliant, Kuveyt Türk’s State Subsidized Housing Account will be made available to the clients of the bank who are willing to make long term savings in an effort to own a house. Kuveyt Türk will boost the savings of its clients by offering profit share in addition to the subsidy offered by the state.

Housing account can be opened in Turkish lira and cumulative participation account at local branch offices. The Housing Account that cannot be opened as a joint account may be opened with a minimum maturity of 3 months and the account shall be renewed annually and the client shall receive profit share. The monthly savings vary between 250 TL and 2500 TL and the client may also deposit on a quarterly basis in the amount of 750 to 7500 TL. Kuveyt Türk will target all income groups through this service.

The account holders may not open multiple housing accounts and may not transfer their accounts to another bank.

Savings holders may enjoy state subsidy of 15-20 percent

In order to be eligible for state subsidy, the savings must be invested on a regular basis for a minimum term of 3 years subject to the conditions specified by the bank and applicants should not own another house as from 7/4/2015 and apply to the bank within 6 months at the latest from the date of acquisition of the house. Account holders may enjoy state subsidy at a maximum rate of 15 percent (maximum 13,000 TL) for a savings term of 3-4 years, 18 percent (maximum 14,000 TL) for 4-5 years and 20 (maximum 15,000 TL) for over 5 years.

The applicants may deposit a single-time amount up to 30,000 TL on the account opening date. Housing account with interim payments can be opened for a minimum maturity of three years. Profit shares may be kept in the current account or added to the relevant participation account so as not to exceed the upper limit, upon request of the client.

 
 
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Kuveyt Türk lowers its profit rates to 0,89 percent in house financing

11.08.2016

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Kuveyt Türk lowers its profit rates to 0,89 percent in house financing

11.08.2016

Kuveyt Türk reduced its profit rates to 0,89 percent in house financing for those who are willing to own a flat. The would-be house owners shall obtain housing finance at profit rates starting from 0,89 percent.

Operating with the “sound banking” model in Turkey, Kuveyt Türk announced the reduction in housing finance profit rates in favor of those who are willing to own a home. The Bank lowered its profit rates down to 0,89 percent in house financing

Those who are willing to own a home or investors shall take the huge advantage of varying profit rates depending on the repayment period. Kuveyt Türk will offer housing finance with profit rates varying between 0.89 percent for a repayment term of 0-24 months, 0,99 percent for 25-59 months and 1.09 percent for 60-120 months.

Housing Loan %
0-24 months 0.89
24-60 months 0.99
60-120 months 1.09
 
 
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Kuveyt Türk closes H1 2016 with a profit of 256 million TL

09.08.2016

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Kuveyt Türk closes H1 2016 with a profit of 256 million TL

09.08.2016

Kuveyt Türk Katılım Bankası has closed the first half of 2016 with a net profit to TL 256 million with an increase by 24.4 percent compared to the same period last year. Kuveyt Turk’s total assets have reached 44,1 billion increasing by 4.9 percent and its shareholders equity has reached 3.7 billion TL increasing by 8 percent as compared to the figures as of the end of 2015. Its collected funds have reached 28.9 billion TL increasing by 2.6 percent and the funds made available by the Bank have reached 28.9 billion TL increasing by 6.8 percent in the same period.

Stating that they have been pleased with the results in the first half of the year, Mr. Ufuk Uyan, the CEO of Kuveyt Türk said “Enjoying a stable growth for 27 years, our bank maintained its leading position in the sector with its outperforming results. This is the most striking indicator of the confidence we have established with our clients. This year too, with the “real banking” approach, we continue our efforts to offer best suiting financial solutions to our clients and to serve them in the best way possible. Adding 30 new branch offices of our network throughout 2016 which made us the most widespread bank, we are aiming at becoming one of the top three banks opening the highest number of branch offices in the banking sector. The year 2016 will be marked as a year during the which we have been developing innovative products and services in an effort to offer the best possible support in the commercial activities of our SME clients. We are also diversifying the products and services including leasing, transaction banking and foreign trade.”

The bank declaring highest tax amoun in participation banking sector

Kuveyt Türk has ranked the first among the participation banks and 19th taxpayer in top 100 list of Turkey with a declared tax of 159 million 650 thousand TL for 2015 taxation period. Making considerable contributions to Turkish economy with its “Sound Banking” model, the bank has declared an annual tax of 159 million 650 thousand 48 liras thus ranking the first bank in participation banking and left behind the major banks in the conventional banking market by declaring the highest amount of tax.

Stressing that they served for the economy and future of Turkey for supporting its development process, Mr. Uyan said, “Building financial bridges between Turkey and the rest of the world, Kuveyt Türk is one of the strongest players of the finance sector in Turkey in terms of the capital adequacy ratio. Our bank is always giving a back to the real sector players by supporting the individual and corporate investors with its direct financing support or joint ventures in line with its interest-free banking principle. With its 5.363 employees and the network of 376 branch offices, Kuveyt Türk is accessible from any location in Turkey”.

Bank Opening the Highest Number of Branch Offices

With the opening of 20 branch offices in 2016, Kuveyt Türk has been ranked as the bank opening highest number of branch offices among the banks. Continuing its investments without any hesitation during 2016, the bank continued deploying the participation banking in different places in Turkey. Mr. Uyan said “With our reliance in Turkish economy and our leading position in Turkish participation banking market, we have been ranked as the bank making the biggest investment in branch offices in both participation banking and general banking sectors”.

 
 
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GREAT INTEREST FROM INVESTORS IN KUVEYT TÜRK’S LEASE CERTIFICATE

24.06.2016

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GREAT INTEREST FROM INVESTORS IN KUVEYT TÜRK’S LEASE CERTIFICATE

24.06.2016

Kuveyt Türk issues lease certificates of 170 million TL with a maturity of 110 days for the qualified investors.

The issuance of lease certificate (sukuk) carried out by Kuveyt Türk operating in Turkey by adopting the “robust banking” model for which the bookrunning took place on 22 June 2016 in an amount of 170 million TL with a maturity of 110 days has received a demand of 207 million TL from the investors. While the substantial part of the demand (133 million TL) comes from the funds managed by portfolio management companies, it was remarkable that the investors were diversified.

Improving its resource diversity with its lease certificate issuance in domestic and overseas capital markets and pioneering in sukuk market with its innovations and records, Mr. Ufuk UYAN, the CEO of Kuveyt Türk commented on the issuance. Mr. UYAN said, “During a volatile period in domestic and overseas markets, a lease certificate issuance of 170 million TL which received a demand of 207 million TL is very significant and remarkable. The confidence in our Bank by the local domestic and individual investors further strengthen our willingness and ambition to take the participation banking forward. We will continue our efforts to grow and deepen the sukuk market in Turkey. Especially in terms of individual investors, we see that the lease certificates offer withholding tax benefits when compared to the participation accounts. The lease certificates issued based on an asset and the lease yield of that asset is participation banking-compliant product in its real sense.”

Entering the sukuk market in 2010 by carrying out another first in Turkey, Kuveyt Türk has, so far, issued lease certificates of a total of TL 7,4 billion in domestic and overseas markets in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira, and 4,6 billion TL is currently circulated in various markets.

 
 
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KUVEYT TÜRK FINDS HOLY RAMADAN MORE BEAUTIFUL THAN COMMERCIAL SPOTS

09.06.2016

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KUVEYT TÜRK FINDS HOLY RAMADAN MORE BEAUTIFUL THAN COMMERCIAL SPOTS

09.06.2016

Traditionally, Kuveyt Türk has done its part also in this Ramadan and welcomed the Ramadan with a unique commercial spot. Produced by Gram Istanbul, the commercial spot has filmed real dining tables and not the finely set up and lighted Ramadan tables. Not the families sitting down to the sahur in the dawn but the people having difficulty in waking up and tumbling out of bed fearing that they have missed it have been displayed.

In addition to two-day filming, some videos appeared on internet were also used with the permission of their owners.

Making the spot zones colorful with its “real” concept used this year, Kuveyt Türk seems to take great attention with its Holy Ramadan shot, as well. The spot says “Now it is time for Ramadan” and invites the viewers to enjoy the real and intimate sharings and beauties.

Campaign Details

  • Advertiser: Kuveyt Türk Katılım Bankası
  • Advertiser’s Reps: Enes Acar, Fırat Keçili, Rumeysanur Erikli
  • Advertising Agency: Gram İstanbul
  • Creative Director: Tarık Akın
  • Agency Chairman: Nurcan Yıldız
  • Creative Crew: Serhan Özden, Tolga Akın
  • Customer Relations: Simla Pamuk, Yeliz Tezcan, Ulviye Yılmaz
  • Producer Firm: ATL Yapım
  • Director: Ali Kaan Dinç
  • Music: Mono Jingles / Arda Algül
  • Media: TV, Newspapers, Periodicals, Radio, Outdoor, Internet
 
 
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Kuveyt Türk donates more than 1 million TL to Family Home

01.06.2016

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Kuveyt Türk donates more than 1 million TL to Family Home

01.06.2016

Donating 1 TL per transaction using credit and debit cards on behalf of its clients in an effort to support the Family Home project of Hope Foundation for Children with Cancer, Kuveyt Türk has donated 1 million 216 thousand TL in total in 4 years.

Kuveyt Türk continues to support the campaign launched in 2013 by the Hope Foundation for Children with Cancer (KAÇUV) in order to realize the Family Home built as part of the “Support for Hope” project. As part of the campaign, Kuveyt Türk has donated to KAÇUV 1 TL per transaction using using Altin Kart, Sale Plus Credit Card, Ihtiyac Kart, Business Kart, Business Plus Kart, Nakit Plus and Palmiye Kart, on behalf of its clients, between April 23-30, 2016.

Stating that they have collected 496 thousand TL to be transferred to the Family Home as part of the project this year, Mr. Aslan Demir, Asst. General Manager in Charge of Strategy, said,“We as Kuveyt Türk continue our social responsibility projects in line with our sustainability approach. Supporting the “Family Home” project for 4 years in line with this principle, we could donate 1 million 216 thousand liras. We are aiming at building a second Family Home where the children with cancer and their families can stay free of charge during their treatment and thus supporting more children and families.

The families and children coming from outside Istanbul for their cancer treatment with lower socio-economic status can stay at the Family Home where they are offered free accommodation, food and care. Social and psychological assistance are also provided to the families and children. The patients eligible for staying at the Family Home are assigned by hospitals. So far, more than 300 families stayed at the Family Home.

 
 
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KUVEYT TURK ISSUES SUKUK FOR TL 300 M

25.05.2016

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KUVEYT TURK ISSUES SUKUK FOR TL 300 M

25.05.2016

With the lease certificate (sukuk) of 300 million TL with a tenor of 179 days, Kuveyt Türk has realized the initial public offering with the highest amount so far by the private sector in Turkey

The issuance of lease certificate (sukuk) carried out by Kuveyt Türk operating in Turkey by adopting the “robust banking” model for which the bookrunning process took place on 9-10-11 May 2016 is the highest amount sukuk in TL in domestic market in the amount of 300 million TL and with a tenure of 179 days. Thus, Kuveyt Türk has even exceeded its own previous record breaking sukuk issuance of TL 200 million as realized on 13 November 2015.

Improving its resource diversity with its lease certificate issuances in domestic and overseas capital markets and pioneering in sukuk market with its innovations and records, Mr. Ufuk UYAN, the CEO of Kuveyt Türk commented on the initial public offering. Mr. UYAN said, “We consider it important in issuing the lease certificates in the form of initial public offering; because we wish that our product complying with the Participation Banking principles reach more and more people and gain depth. Therefore, we will continue similar public offerings in the future, too. The first lease yield shall be made on 11 August 2016 to the certificate holders. The second lease yield shall be paid to the investors on 8 November 2016 at the end of the maturity, together with principal sums. The fact that the lease certificates with a gross annual yield of 10,23 percent are offered at lower cost than the similar deals realized recently has strengthened the investors’ confidence in our Bank, which is a highly pleasing development.”

Entering the sukuk market in 2010 by carrying out another first in Turkey, Kuveyt Türk has, so far, issued lease certificates of a total of TL 7,2 billion in domestic and overseas markets in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira, and 4,7 billion TL is currently circulated in various markets.

 
 
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Kuveyt Türk to proactively protect rights of its clients

10.05.2016

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Kuveyt Türk to proactively protect rights of its clients

10.05.2016

Demonstrating its strict commitment to the ethical banking principles at any stages of banking services, Kuveyt Türk has established Customer Rights Department, a “pioneering” practice in a bid to self control for protection and care of the customer rights. Reporting to Legal and Risk Monitoring Group, the Department will ensure self-control to protect the customer rights and proactively take appropriate measures without waiting for any complaints.

Commenting on the opening of the Customer Rights Department, Mr. Nurettin Kolaç, Asst. General Manager at Kuveyt Türk said, “In line with interest-free banking principles, Kuveyt Türk offers its services without compromising its sound banking, justice, confidence, professionalism, innovation and team spirit values in addition to the general ethical banking principles. I believe that this pioneering initiative taken by our bank to manage our efforts to safeguard the rights of our customers under a dedicated department will be seen as an exemplary act for other banks. We have allocated this department to proactively protect the rights of our clients in addition to the customer satisfaction.”

“We will solve any problem no matter there is a customer complaint”

Stating that all the banks have a customer satisfaction unit, Mr. Kolaç went on to say, “our goal is to protect the right of clients before their satisfaction... If something is done which violates the right of our client in banking products / transactions, our department solves that problem through its self-control mechanism without involving the client at all.” Mr. Kolaç further explained,

“For instance, the client signs various contracts if she / he is willing to use loans. We present them wit a ‘Pre-Contract Information Form” before they sign any contract. This means that the client has the full control of the contract and enough time to read the contract. In addition, if the client has been overcharged for any transaction, we refund it right away or remove any unnecessary provisions from the contract. We do not charge account operating fee or card fee from our clients and we state that to them.”

A structure not compromising the ethical banking responsibility

Performing all the banking services offered to its clients, in strict compliance with the basic principles laid down in its Code of Ethics, Kuveyt Türk stands out in the market with its painstaking approach to offer fair and impartial services to the clients receiving the same type of service and meeting their needs at the highest level possible. Kuveyt Türk guides and strongly encourages its clients to make use of the products and services taking their income and living standards into account. The Bank prevents the clients from using services and products which may adversely effect their interests except for their legal rights.

Kuveyt Türk procures that its employees at any branch offices throughout Turkey, head office and subsidiaries strictly comply with the rules laid down in the Code of Ethics without compromising and operates as a bank which always feels the rightful confidence of its clients. Taking appropriate actions, implementing the rules across the bank, inspecting and reporting such implementation in case where any transaction is not in compliance with, or likely to violate, the Code of Ethics allow for acting in compliance with the Code of Ethics. In order to properly fulfil such responsibility, the Bank appoints “Member of Board in Charge of Ethics”. These “Ethics Envoys” across the bank ensures the sustainability ad quick action of the system.

 
 
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Kuveyt Türk closes Q1 2016 with a profit of 125 million TL

05.05.2016

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Kuveyt Türk closes Q1 2016 with a profit of 125 million TL

05.05.2016

Kuveyt Türk Participation Bank has closed the first quarter of 2016 with a net profit to TL 125 million with an increase by 25 percent compared to the previous year. Kuveyt Turk’s total assets and shareholders equity have reached 42,3 billion and 3,5 billion TL, respectively. During the same period, fund size of the Bank has reached 27,7 billion TL while the funds made available has reached 28 billion TL.

“We are targeting an asset growth exceeding 50 billion TL with a growth rate of 20 percent as of the end of 2016”

Stating that they have achieved successful results in the first quarter of the year, Mr. Ufuk Uyan, the CEO of Kuveyt Türk said “We have achieved the figures in excess of the sector average in terms of growth and profitability. We are a bank maintaining its growth on a stable path for 27 years. We strive to improve the product and service quality depending on the prevailing conditions and needs by quickly adapting to changing environments. We will continue to offer the best to our clients and keep our ambition to offer innovative solutions without compromising our ‘solid banking’ principle.”

Commenting also on their targets for 2016, Mr. Uyan said, “We continue to offer participation banking services to more and more people this year, too.. Our bank ranked as the top three among the banks that opened the highest number of branch offices during the first quarter is aiming at opening 30 more branch offices as of the end of this year and reaching an asset size in excess of 50 billion TL with a growth rate of around 25 percent. On the other hand, our agenda during the new period include the important matters such as digital banking, investment funds that we can offer to our clients through our new subsidiary KT Portföy and the SME/trades banking. The share of the SMEs constituting 99% of the companies founded in Turkey in the funds made available by our bank has exceeded 37 percent. We are also diversifying the products and services in the field of SME Banking including leasing, transaction banking and foreign trade.”

"We develop our Alternative Distribution Channels"

Stating that they have changed the service channels in line with emerging technologies and needs of clients, Mr. Uyan added, “More than two thirds of the transactions performed with our Bank are now performed through using alternative distribution channels. With our continuously improved mobile and online branch offices, we continue easing the lives of our clients”.

 
 
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Mazin Saad Al Nahedh, The CEO of Kuwait Finance House: “Participation banking in Turkey grew over 30%”

28.04.2016

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Mazin Saad Al Nahedh, The CEO of Kuwait Finance House: “Participation banking in Turkey grew over 30%”

28.04.2016

11th Turkish-Arab Economic Forum jointly sponsored by Kuveyt Türk and its parent Kuwait Finance House was held yesterday (April 28) in Istanbul. The Turkish-Arab Economic Forum bringing together the representatives and businessmen from both sides in an effort to contribute to economic development of Turkey and to create new business areas in the region has also hosted the 10-year evaluation of the participation banking as an important model for the Arab world and the discussions over the goals in the future.

Chief Executive Officer at Kuwait Finance House (KFH) and Board Member of Kuveyt Türk, Mazin Saad Al-Nahedh said, at the first session of the Forum as titled “Strengthening of Connections of Banking and Capital Markets”, “In recent years, the Turkish-Arab companionship has evolved into a more intense period thanks to the increasing exchange of visits and favorable developments in the fields of economy and finance. Investment opportunities in Turkey, the biggest Middle Eastern country in terms of industry, construction and services achieving rapid growth and especially the overlap of capital surplus and needs for service in Gulf countries have created a strong synergy. On the other hand, the efforts of the governments to prepare the necessary legal and bureaucratic infrastructure to ensure that such interaction and cooperation take place in a healthy and sound environment have also allowed for such cooperation to bring it fruits within a short period of time.”

Emphasizing that the Turkish banking sector has successfully got out of the 2007-2008 global crisis and has a robust foundation, Al-Nahedh went on to say “Standing safely on this robust foundation, the participation banks have achieved an average growth rate of 30 percent during 10 years since 2006, the year regarded as a milestone for the participation banks, and with growth rate of over 30 percent, they outperformed the banking sector’s average. With the debut of public participation banks during 2015-2016, the market has become more vibrant and dynamic and the sector has adopted the goal to increase the market share being 5,1% in 2015 to 15% as of the end of 2015. 5 out of 9 biggest countries globally in terms of participation banking market are Arab countries including Bahrain, the United Arab Emirates, Qatar, Kuwait and Saudi Arabia. With its vibrant economy, Turkey is also among these 9 countries and we believe that the rapidly growing participation banking sector in Turkey would become more and strong with new investments. As KFH Group, our presence in Turkey for almost three decades is a result of Kuveyt Turk’s reliance on the Turkish participation banking sector. We, as KFH and Kuveyt Türk, commit ourselves to continue performing our own responsibilities in providing the financial infrastructure required in Turkish – Arab economic relations.

Drawing attention to the fact that Kuveyt Türk is the first bank having a R&D Center with A1 certificate in Turkey, Al-Nahedh said “With KT Portfolio that started its operations later last year, we started managing, in a special structure, the funds created under the principle of participation finance. Thereby we ensured that foreign investors entered the Turkish capital markets. We have catalyzed the access to Turkish investment instruments by the investors from various countries especially Gulf Countries and German and especially those who operate in participation finance market. We are also assisting the entrepreneurs in Turkey in their investments in the real estate investment funds."

Al-Nahedh also stated that Kuveyt Türk has now increased its total assets from 50 million dollars at its early days to 14,5 billlion dollars. Commenting on the importance of the sustainability in its social responsibility initiatives, Al-Nahedh stressed that Kuveyt Türk makes remarkable contributions in fields of education and culture-arts.

 
 
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Kuveyt Turk’s ‘Wedding Account” for those to marry

27.04.2016

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Kuveyt Turk’s ‘Wedding Account” for those to marry

27.04.2016

With its banking understanding based on encouraging the people not to spend but save their monies, Kuveyt Türk supports the young people to get married with its wedding account. As a new participation account enabling the people to save money for their future needs such as buying an apartment flat, the Wedding Account also offers state contribution if the required amount of money is regularly deposited with that account for at least 3 years. The investors depositing money regularly for a term of 36-47 months will be entitled to 10% state contribution while it will be 15% for a term of 48-59 months and 20% for 60+ months.

Emphasizing that the Wedding Account has been opened as a participation account at Kuveyt Türk, Mr. Mehmet Oral, Asst. Managing Director in Charge of Private Banking explains, “We ensure that the savings in the Wedding Account are invested according to the principles of participation banking. We offer a profit sharing pool at a rate as high as 95/5. As is the case for all Kuveyt Türk accounts, the holders of the Wedding Account are not required to pay any account processing fee, either.

The holders of the account are able to deposit monies on a monthly and quarterly basis; in case of monthly payments, they can deposit between 1005,58 TL and 1,055,80 TL while in case of quarterly payments, the amount varies between 316,74 TL and 3,167,40 TL. On the other hand, those who, as of the opening date of the wedding account, already have savings in an amount up to 15,837 TL, the upper limit for that account, can also evaluate that savings in that account. The payments can be made from current account or Kuveyt Türk Sale Plus credit card or from internet and mobile branch offices free of charge by direct remittance or EFT.

Right to withdraw money twice a year and delay the payment 3 times a year

If needed, the holders may withdraw the monies in that account subject to certain limits. The money in the account can be withdrawn at most twice a year. However, the remaining sum after withdrawal cannot be less than the balance as of the opening of the account. In case of monthly payments, the holder may delay the monthly payments by 3 times a year. The applicants for the wedding accounts must be Turkish national, younger than 24 years of old and with no previous marriage.

Regular Payment Term State Contribution Rate Maximum State Contribution
Less than 36 months 0% 0 TL
36-47 months 10% 4.223.20 TL
48-59 months %15 4.751.10 TL
60 months and over %20 5.279.00 TL
 
 
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TURKEY’S FIRST EVER CPI-INDEXED SUKUK LAUNCHED BY KUVEYT TURK

25.04.2016

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TURKEY’S FIRST EVER CPI-INDEXED SUKUK LAUNCHED BY KUVEYT TURK

25.04.2016

Operating under the “robust banking” model in Turkey, Kuveyt Türk has issued the first ever CPI-indexed sukuk (lease certificate) in Turkey. Issued by way of trade sale to qualified investor, the CPI-indexed lease certificate in an amount of TL10 million has a tenure of 729 days.

The principal sum shall be paid on 20 April 2018 along with the final lease revenues.

Commenting on the issue process of the lease certificate, Mr. Ufuk Uyan, the CEO of Kuveyt Türk, explained that the issuance has been realized by KT Kira Sertifikaları Varlık Kiralama A.Ş., a subsidiary of Kuveyt Türk and through Kuveyt Turk, as the bookrunner. . Stating that they have established KT Portföy Yönetim A.Ş. in 2015 performing a first in the Turkish participation banking sector, Mr. Uyan said “CPI-indexed sukuk with real rate of yield of gross 3.39 percent per annum have been acquired by KT First Participation Hedge Fund and KT Second Participation Hedge Fund of KT Portföy Yönetim A.Ş. The periodical yield of the sukuk shall be calculated by adding the CPI rates occurring during the last 3 months to the real rate of yield. The principal shall be paid to the investors on 20 April 2018 along with the final lease revenues. The CPI-indexed sukuk eliminating the possible risks of inflation on the amount of yield enable us to expand our investor base and to offer them investment opportunities with longer maturities.

Stating that they had entered the sukuk market in 2010, marking another first in Turkey, Mr. Uyan added, “So far, Kuveyt Türk has issued sukuk of a total of TL 6,7 billion in domestic and overseas markets in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira, and 4,6 billion TL is currently listed in various stock exchanges . We, as Kuveyt Türk, will still continue to contribute to sukuk markets.”

 
 
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Kuveyt Türk supports ‘Support for Hope Project’

19.04.2016

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Kuveyt Türk supports ‘Support for Hope Project’

19.04.2016

Having supported the projects contributing to the mankind and society since its establishment, Kuveyt Türk Katılım Bankası still continues its campaign launched in 2013 in an effort to support the “Support for Hope Project” of the Hope Foundation for Children with Cancer (KAÇUV)). Kuveyt Türk will donate to KAÇUV 1 TL per transaction using using Altin Kart, Sale Plus Credit Card, Ihtiyac Kart, Business Kart, Business Plus Kart, Nakit Plus and Palmiye Kart, on behalf of its clients, between April 23-30, 2016.

Stating that a total of 720 thousand TL has been donated in 3 years as part of this campaign, Aslan Demir, Asst. Managing Director in charge of Strategy at Kuveyt Türk explains, “Our aim is to cast the foundation for a second Family Home where the children with cancer and their families can stay totally free of charge, thus supporting more children and their families during their treatment.”

The families and children coming from outside Istanbul with lower socio-economic status are prioritized to stay at the Family Home free of charge. On the other hand, social and psychological assistance are also provided. So far, more than 300 families stayed at the Family Home.

 
 
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Kuveyt Türk closes the year 2015 with a net profit of 445 million TL, an increase by 20%.

09.03.2016

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Kuveyt Türk closes the year 2015 with a net profit of 445 million TL, an increase by 20%.

09.03.2016

Kuveyt Türk Participation Bank has closed the year 2015 with a net profit to TL 445 million with an increase by 20 percent compared to the previous year. Kuveyt Turk’s total assets have reached 42 billion TL increasing by 24 percent and its shareholders equity has reached 3, 4 billion TL increasing by 13 percent as of the end of 2015 as compared to the figures as of the end of 2014. Its collected funds have reached 28 billion TL increasing by 27 percent and the funds made available by Kuveyt Türk have reached 27 billion TL increasing by 27 percent in the same period.

“Our efforts to grow in overseas market stand out in the new period”

Stating that they have achieved their year-end targets as planned, Mr. Ufuk Uyan, the CEO of Kuveyt Türk said: “We have achieved the figures in excess of the sector average in terms of growth and profitability as of the end of the year. We are a bank maintaining its growth on a stable path for 27 years. Our success is mainly based on our approach to accurately read the customer needs and develop corresponding products.”

Commenting also on their targets for 2016, Mr. Uyan said, “We are planning to focus our activities in 2016 on SME/tradesmen banking, portfolio management and digital banking. Our focus for this year will be on the development and deployment of alternative distribution channels. With the opening of 52 branch offices in 2015, we have opened highest number of branch offices among the privately-owned banks. We will be opening 30 new branch offices throughout the year 2016 in en effort to be much closer to our customers. On the other hand, we have prioritized to continue the improvement of our private banking services and the portfolio of our German subsidiary KT Bank AG. Our efforts to grow in overseas market stand out in the new period.”

Taking important steps in the market in 2015, Kuveyt Türk has led the way in the participation banking sector by establishing KT Portföy, the first participation-based portfolio management company of Turkey, KT Bank AG, the first participation bank in Germany and the Private Banking Department.

About Kuveyt Türk:

Since its foundation in 1989, the principles of Kuveyt Türk have been to be scrupulous in interest-free banking system, to research in the field of investment, to offer modern, stable, reliable, high-quality and quick service to saving holders and businessmen, and to provide its staff with ongoing training. Kuveyt Turk is bringing quick and high-quality service to savings holders and investors through its branches at home and abroad and its correspondents by means of any and all the state-of-the-art technological means. Kuveyt Türk operates through its 363 branch offices throughout Turkey as well as Bahrain branch office and banking subsidiaries in Dubai and Germany.

KUVEYT TÜRK 2014 2015 Growth %
Total Assets (Million TL) 34,008 42,053 24
Funds Made Available (Million TL) 21,286 27,034 /td> 27
Funds Collected (Million TL) 22,145 28,123 27
Net Profit (Million TL) 370 445 20
No. of Branch Offices 308 359 17
No. of Personnel 5,082 5,442 7
 
 
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Kuveyt Türk issued Basel III Compliant USD 350 million Tier 2 Sukuk

18.02.2016

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Kuveyt Türk issued Basel III Compliant USD 350 million Tier 2 Sukuk

18.02.2016

Kuveyt Türk has issued a Basel III compliant Tier 2 sukuk with a term of 10 years in the amount of USD 350 million, the first issuance in Turkey with an investment grade. The deal is also the largest Tier 2 sukuk issued by a Turkish participation bank.

The issuance by Kuveyt Türk, operating in Turkey under the “robust banking” brand is the Tier 2 sukuk issuance with the highest ever amount issued abroad by a Turkish bank.

Strong capital base will support the growth of Kuveyt Türk

Commenting on the issuance process, Mr. Ufuk Uyan, the CEO of Kuveyt Türk, explained that the issuance has been realized by KT Sukuk Company, a SPV established for the deal. He stated, “The Basel III compliant Tier 2 sukuk will raise the capital adequacy ratio of our bank allowing for stronger growth”. Explaining that the revenues derived from the assets acquired by KT Sukuk Company would be distributed to the certificate holders, Mr. UYAN said, “The Tier 2 Sukuk issuance is rated by Fitch Rating with an investment grade BBB- and listed on the Irish Stock Exchange. With an annual yield of 7,90 percent, the successful completion of Sukuk issuance under narrow capital markets liquidity conditions signifies the confidence international investors have in Kuveyt Türk.”

KFH Capital Investment Company acted as Global Coordinator and Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KAMCO Investment Company, KFH Capital Investment Company, Noor Bank and QInvest acted as the joint lead managers for the transaction. Kuveyt Türk’s Tier 2 Sukuk was purchased by more than 20 investors from 9 countries.

Having introduced interest-free capital markets to Turkey with the first ever sukuk issuance out of Turkey and continental Europe in 2010, Kuveyt Türk continued to bring further advancements to the sector with this investment grade Basel III compliant Tier 2 sukuk issuance.

 
 
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Kuveyt Türk to Carry Its Experience in Participation Banking over to Capital Markets with KT Portföy

25.12.2015

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Kuveyt Türk to Carry Its Experience in Participation Banking over to Capital Markets with KT Portföy

25.12.2015

Kuveyt Türk has founded the portfolio management firm KT Portföy which will operate after the principles of interest-free finance. The first portfolio management firm ever to be established by a participation bank, KT Portföy will introduce new products and new investors – domestic and foreign – to the Turkish capital markets and will facilitate the access of domestic investors to the international interest-free investment instruments.

Declaring that they were going to play an active role on the Turkish capital market through KT Portföy, Kuveyt Türk Executive Vice President, Treasury and International Banking Dr. Ahmet Albayrak said, “Kuveyt Türk has become the first participation bank to assume an active role on capital markets through KT Portföy which will operate after the principles of interest-free finance. The establishment of KT Portföy was a key part of the overall strategy we’d been implementing in asset management for the last couple of years as a follow-up to Kuveyt Türk’s stepping up its operations in the field of sukuk in Turkey. Following our cooperation with Katılım Emeklilik ve Hayat A.Ş. (Participation Pension and Life plc) for the private pension system, we set up the first Private Banking Directorate in participation banking and now we’ve completed the big picture in our asset management strategy with KT Portföy. I’m confident that KT Portföy is going to make a significant contribution to the development of the Turkish capital markets in keeping with the principles of interest-free finance.”

“We’re going to introduce new products and new investors – domestic and foreign – to the Turkish capital market”

KT Portföy General Manager Tayfun Özkan said, “We’re going to both introduce new products and new investors – domestic and foreign – to the Turkish capital markets and bring new investment products to life through KT Portföy. We want to draw the potential investors who are unable to find in Turkey products and services that comply with the principles of interest-free gain as well as investors from the Gulf Region, with which Kuveyt Türk has intensive dealings through its subsidiaries, and from Europe to the Turkish capital markets by offering them a large variety of investment funds. We aim to contribute to the product diversity and transaction depth of the Turkish capital markets this way.”

Tayfun Özkan went on to say, “In a way, this means additional resources for the companies that finance their business and investments by issuing shares or sukuk or by using similar instruments sanctioned by the principles of interest-free finance on capital markets. Besides, channeling these resources to the nation’s productive sectors will help reduce the current deficit and give an extra boost to Turkey’s economy.”

“We’re going to offer easy access to international interest-free investment instruments through funds with low-cost risk diversification.”

Explaining that funds were going to be set up that would allow investing in international interest-free investment instruments and that local investors could easily access these instruments at low cost, Özkan said, “KT Portföy is going to establish funds that will allow its customers to access the investment instruments outside Turkey by means of a diversified-risk portfolio or even by means of a foreign currency investment if they wish.”

Tayfun Özkan informed that two umbrella funds had been established, one being a “participation” fund and the other a “free” fund, and that KT Portföy had applied to the Capital Markets Board (SPK) for the approval of the establishment of five investment funds under these umbrella funds. “Our customers will soon be able to access the funds we’re going to establish under the “Participation Umbrella” from the internet branches of all banks thanks to the Turkey Electronic Fund Distribution Platform (TEFAS). They will be able to invest in the funds managed in accordance with interest-free finance principles by purchasing participation shares. As for the funds we’re going to establish under the “Free Umbrella,” they will be available at Kuveyt Türk,” he said.

“’Values-based investing’ strategies are on the world’s asset management agenda.”

Drawing attention in his speech to the fact that the ratio of the total fund magnitude in the world to GDP had shrunk back to its pre-2008-crisis level, Özkan observed, “We see that ‘values-based investing’ strategies have a special place in this vast market.”

“We’re interested in managing pension funds and the funds in the other systems to be developed for the purpose of raising our savings level.”

Özkan noted that KT Portföy was interested in managing the funds established on the basis of participation finance principles and that they had made their first deal in this area with Katılım Emeklilik providing for one of this organization’s funds to be managed by KT Portföy as of January 2016.

Set to serve its customers in all aspects of fund management, KT Portföy will provide individual portfolio management and investment consultancy services along with collective investment products.

 
 
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Kuveyt Türk’s net profit reaches 341 million TL in the first 9 moths of 2015

10.11.2015

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Kuveyt Türk’s net profit reaches 341 million TL in the first 9 moths of 2015

10.11.2015

Growing steadily in the participation banking sector with its robust shareholding structure and strong capital base, Kuveyt Türk released its profitability data for the first 9 months of 2015. Kuveyt Türk has increased its net profit to TL 341 million in the first 9 months of 2015 with an increase by 20 percent as compared to the same period last year.

Kuveyt Türk has increased its total assets to 43 billion 565 million TL in the first 9 months of 2015 with an increase by 26.6 percent compared to the year-end figures of 2014. Our bank also increased its shareholders’ equity to 3 billion 293 million TL with an increase by 8.9 percent. The funds collected by the bank have reached 28 billion 568 million TL increasing by 29 percent and the funds made available have reached 26 billion 864 million TL increasing by 26.2 percent in the same period.

Stating that they have achieved sustainable increase in financial profitability during each period of the year, Mr. Ufuk Uyan, CEO of Kuveyt Türk, said, “We attach substantial importance to offer the services needed by our clients readily and quickly and continuously upgrade our service quality and technology at home and in the global arena through our participation banking business model. Our non-stop efforts since the beginning of the year are mirrored in our financial results evidencing that we are on the right path and taken right steps toward our year-end targets. We are aiming at outperforming that success in the end of the year, too. We will continue to offer our participation banking services in a larger spectrum and in the best way possible in Turkey and in the rest of the world for the rest of this year and upcoming 2016. ”

 
 
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Kuveyt Türk issues Lease Certificate for TL 150 m

05.11.2015

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Kuveyt Türk issues Lease Certificate for TL 150 m

05.11.2015

Aiming at selling lease certificates (sukuk) for a total sum of 1 billion TL by the end of 2015 to further diversify its sources of funding, Kuveyt Türk sold lease certificates to qualified investors as part of its program with an issue cap of TL 1 billion as granted by the Capital Markets Board in June 2015. The issue for TL 150 million with a maturity of 90 days, for which book building took place on September 15, received demand of around 200 million TL from prospective investors.

Stating that such outstanding demand by investors toward the lease certificates, given the current economic and political outlook, indicates the level of confidence in the bank, the CEO of Kuveyt Türk, Mr. Ufuk Uyan added, “We highly appreciate that lease certificates gain depth day by day as an interest-free capital market product. While our subsidiary Katılım Emeklilik ve Hayat A.Ş. operating on an interest-free banking principle is active in the Individual Pension System (BES) sector, we have recently established a portfolio management company called KT Portföy Yönetimi A.Ş. With the growth of funds managed by such companies, we estimate that the demand for the issue of lease certificates will further grow.”

Emphasizing that Kuveyt Türk has reached 1,6 billion TL so far in lease certificate issuances first launched in 2013 in the domestic market, Mr. Uyan adds, “Around 70% of the total 1,6 billion TL amount raised thus far comprises solely net new funds. Currently, our lease certificates of a total of TL 3,7 billion are traded in the market in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira. We intend to continue to provide further opportunities to invest in such alternative capital markets products throughout the year via public offering and sales to qualified investors.”

 
 
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Kuveyt Türk’s net profit reaches 206 million TL in the first half of 2015

07.08.2015

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Kuveyt Türk’s net profit reaches 206 million TL in the first half of 2015

07.08.2015

Operating in the participation banking sector for more than 25 years with its robust shareholding structure and strong capital base, Kuveyt Türk released its profitability data for the first half of 2015. Kuveyt Türk has increased its net profit to TL 206 million in first half of 2015 with an increase by 17.5 percent as compared to the same period last year.

Kuveyt Turk’s total assets have reached TL 39 billion 661 million increasing by 16.6 percent and its shareholders equity has reached TL 3 billion 192 million TL increasing by 5.6 percent in the first half of 2015 as compared to the figures as of the end of 2014. Its collected fund have reached 25 billion 913 million TL increasing by 17 percent and the funds made available by Kuveyt Türk have reached 25 billion 609 million TL increasing by 20.3 percent in the same period.

Stating that they have taken strong steps for the sake of stable growth in the first half of 2015, Mr. Ufuk Uyan, the CEO of Kuveyt Türk added, “It is one of our most striking business targets to offer services through participation banking business model both in Turkey and abroad. We have taken the first step toward this goal through recent opening of KT Bank AG, a hundred percent subsidiary of Kuveyt Türk. Initially, we have opened branch offices in Frankfurt, Berlin and Mannheim in Germany and we will expand our network of branch offices into the other major German cities like Cologne, Dusseldorf/Essen and Munich soon. Germany which we consider as a door into Europe will be followed by other European countries with our participation banking product and services.” Uyan, also underlined that they continued to develop products and services for variety of resources in 2015.

 
 
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Kuveyt Turk to expand to Central Europe from Germany

21.07.2015

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Kuveyt Turk to expand to Central Europe from Germany

21.07.2015

Kuveyt Turk Participation Bank began operations in Germany. KT Bank AG, a wholly-owned subsidiary of Kuveyt Turk, opened its first branch in Frankfurt to provide complete banking services to European clients The first branch in Frankfurt aims to serve 4 million Europeans, becoming the first participation bank based in Germany.

Kuveyt Turk became the first participation bank to obtain a full banking license in Germany. Kuveyt Turk Bank AG provides complete banking services to clients, including savings accounts and loans, and now offers interest-free financial services to European clients. Attending the opening ceremony held at the KT Bank AG headquarters in Frankfurt am Main on July 21st were Kuveyt Turk Managing Director Ufuk Uyan and executives of the bank as well as Kuwait Finance House (KFH) Chairperson Hamad Almarzouq and CEO Mazin Alnahedh.

Speaking at the ceremony, Kuveyt Turk Managing Director Ufuk Uyan said that as an institution providing international banking services, they were excited to introduce participation banking to Germany as the strategic focal point in and a gateway to the European continent. Uyan explained that the participation banking industry achieved impressive growth rates worldwide recently, and they took initiative on the demand from Germany, continuing:

“We will offer participation banking services to 4 million potential clients, two-thirds of whom are ethnic Turks. We will provide products and services that are compliant with participation banking principles, and will strive to improve and innovate on our services depending on client expectations. Our target for KT Bank in Germany is to become the financial institution of first choice. We regard KT Bank AG as a gateway and a hub that opens to continental Europe. This is the European hub of participation banking for us. We plan to introduce interest-free banking to Europe as a whole, and quickly expand our services to become an institution of choice. We will provide the products and services that are required by clients not just in Germany, but across continental Europe as a whole."

KT Bank AG introduces the globally-recognized interest-free banking business model to Germany, providing an impressive range of interest-free products and services. The inaugural branches are in Frankfurt, Berlin and Mannheim, and there are short-term plans for additional branches in Cologne, Düsseldorf / Essen and Munich. After establishing a network of branches across major cities in Germany, Kuveyt Turk will expand into Central Europe. KT Bank AG predicts that they will be managing over 10,000 accounts by the end of 2015, attracting deposits totaling EUR 121 million and achieving an asset size of EUR 154 million.

KT Bank AG's Frankfurt branch will be operated by a team of six including the branch manager. Gürbüz Gündüz will join KT Bank AG as the Frankfurt Branch Manager after a prosperous career managing the Frankfurt and Ankara branches of Ziraat Bank, the Turkmen Turkish Joint Stock Commercial Bank, and Kazakhstan Ziraat International Bank.

 
 
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Each transaction using Kuveyt Türk credit and debit cards become a “Support for Hope”

25.06.2015

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Each transaction using Kuveyt Türk credit and debit cards become a “Support for Hope”

25.06.2015

Supporting the projects aiming at meeting the social needs with its awareness of social responsibility toward the people and community, Kuveyt Türk continues to be a hope for children with cancer and their families. Running a campaign in every April as part of the “Support for Hope” project launched in close cooperation with the Hope Foundation for Children with Cancer (KAÇUV), Kuveyt Türk has collected donation of 720 thousand TL in 3 years.

Announcing that it shall donate 1 TL per transaction using credit and debit cards between 23-30 April 2015, Kuveyt Türk has donated a total of 362 thousand TL for the Family Home for the benefit of the children with cancer and their families.

Aslan Demir, Executive Vice President in charge of Strategy at Kuveyt Türk said, “With the donations we have made so far, we have aimed at laying the foundation for a second Family Home where the children with cancer and their families can stay totally free of charge during their treatment. This year, we have donated more than our expectations through the campaign launched for the same purpose. On this very occasion, we express our sincere gratitude to our clients for their sensitiveness during the campaign.”

Since 2013, Kuveyt Türk continues to support the children with cancer and families as part of the Support for Hope Project by donating 1 TL per transaction using Altın Kart, Sale Plus Credit Card, Ihtiyac Kart, Business Kart, Business Plus Kart, Nakit Plus, Seyyah Kart and Palmiye Kart.

 
 
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Kuveyt Türk goes public for its Sukuk Certificates

23.06.2015

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Kuveyt Türk goes public for its Sukuk Certificates

23.06.2015

Kuveyt Türk will issue lease certificates (sukuk) for a total of TL 800 million through the end of 2015 in an effort to continue the diversification of its sources of funding. Extending its expertise in the sukuk market into Turkey in 2015, Kuveyt Türk will issue lease certificates both through a private placement to qualified investors as well as through a public offering as part of its program which has an issue cap of TL 1 billion as granted by the CMB in June 2015. With the book building process taking place on 24, 25 and 26 June, Kuveyt Türk is planning to issue on this occasion sukuk in the amount of 200 million Turkish Liras for a maturity of 189 days.

Stating that the lease certificate market has not yet attained the desired level but that it is anticipated to be broadened and gain more volume through public offerings, Mr. Ufuk Uyan, the CEO of Kuveyt Türk, said “We expect more demand for lease certificates pursuant to the changes to the structure of fund and portfolio management companies anticipated in the second half of 2015. Moreover, with the continuing growth of funds managed by pension fund (BES) companies such as Katilim Emeklilik, an interest-free pension fund business, we estimate that the demand for the issuance of lease certificates will grow even further.”

Mr. Uyan went on to say: The interest shown by investors in our initial public offering of TL 150 million in 2013 and the multiple issuances to qualified investors for a total sum of TL 1 billion between 2014-2015, show promise for a growth in future issues, requiring us to further heighten our targets. Currently, a total of TL 3,5 billion Kuveyt Turk lease certificates are traded in the market in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira. We intend to continue the introduction of the benefits of lease certificates in the market throughout the year via public offering as well as private placements to qualified investors.”

 
 
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Kuveyt Türk launches debit card with interest-free additional limit

06.04.2015

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Kuveyt Türk launches debit card with interest-free additional limit

6 April 2015

Diversifying and extending its product range with its consumer-friendly and innovative product understanding in the participation banking, Kuveyt Türk has introduced to its clients the “Gold Card” designed in accordance with the participation banking principles and providing the clients with interest-free additional limit without putting them under financial burden.

A customized version of debit cards, the Gold Card enables the holders to spend over POS even if they are overdraft by providing them with additional limit. An innovative product in the participation banking, the Gold Card offers that additional limit up to 2 thousand TL and for a maturity of up to 30 days. Furthermore, clients are informed by sending account statements monthly by SMS or email.

A golden-hearted card and not a credit card

Stating that the debit cards with additional limits are being introduced to the market recently and that they are aiming at showing a strong presence with the Gold Card in this arena, Mr. Mehmet Oral, Asst. Managing Director in Charge of Retail Banking at Kuveyt Türk was quoted as saying:

"We, as Kuveyt Türk, attaching importance to the development of products and services which both satisfy the needs of our clients and also contribute to the economic targets of our country. Given the regulations concerning the use of credit cards and steps encouraging the savings, we believe that the Gold Card will fill an important gap in this respect. The Gold Card is not a credit card, to the contrary it is a consumer-friendly card offering additional limits for shopping even if the account balance is used up, in addition to traditional debit card features. This product of us is a golden-hearted card not putting our clients into financial burden and providing them shopping possibility even if they run out of cash.

Gold point in shopping using Gold Card

The holders of Gold Card win gold points in shopping using Gold Card. Gold points are given as gift as 0,35 percent in shopping using the balance in the account and 0,1 percent in case of using additional limit. When the total sum of points accumulated in the gold point account of the clients reaches 10 TL, it is converted to gram gold and as such reflected in the account.

 
 
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KT Bank AG, Kuveyt Turk's German subsdiary is granted for the licence to launch its operations

23.03.2015

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KT Bank AG, Kuveyt Turk's German subsdiary is granted for the licence to launch its operations

23 March 2015

Kuveyt Türk Participation Bank has been licensed by the Federal Financial Supervisory Authority (Bafin) to offer banking services in Germany. Thus, the first bank based on an interest-free business model is licensed in Germany

 

Kuveyt Türk has obtained its license from the Financial Supervisory Authority (Bafin) to provide fully-fledged banking services in Germany according to the interest-free banking principles. Kuveyt Türk is the first participation bank that has been fully licensed to operate its deposit and loan business in Germany. With this license, Kuveyt Türk is the pioneer that introduces the interest-free banking model in Germany.

 

KT Bank AG with headquarters in Frankfurt am Main and as a 100 percent subsidiary of Kuveyt Türk Participation Bank, will start to offer its reliable, high-quality, fast and user-friendly services fromJuly 01, 2015 onwards. KT Bank AG will provide its private and commercial clients with products and services according to interest-free banking principles.

 

“KT Bank AG is an ethical, innovative and socially responsible bank”

Kuveyt Türk’s major shareholder Kuwait Finance House’s Chairman Hamad Abdulmohsen Al-Marzouq said “We support KT Bank AG in its mission to become the leading ethical, innovative and socially responsible participation bank”. Al-Marzouq further announced that the more than 4 million Muslims living in Germany are the prioritized target group, among all other potential business and retail clients who are interested in service quality and alternative business models.

 

Stating that they continue to grow in domestic and overseas markets as a company offering international banking services, the CEO of Kuveyt Türk Participation Bank A.Ş. Ufuk Uyan said “The participation banking market grows globally . We consider it as an important initiative and great innovation for Germany that a participation bank such as KT Bank AG has been licensed in Germany. We, who are well aware of the need for socially responsible banks, think that a huge market potential exists in Germany due to the outstanding international growth performance of the participation banking sector. With a comprehensive, regularly updated product and service portfolio consistent with our value system, we are confident that the KT Bank AG will be the first choice house bank in Germany in its category.”

 

KT Bank AG aims to enlarge its branch network

KT Bank’s management is jointly led by Kemal Ozan and Torsten Lüttich who have long-lasting banking experience and expertise in Turkey and in Germany.

 

Stating that they have performed all the regulatory requirements by obtaining the full-scale banking license in Germany, Mr. Kemal Ozan, the CEO of KT Bank AG, said “We are planning to make huge investments in the upcoming years. In this respect, we are aiming at building a portfolio of financial products consistent with the interest-free banking principles, enlarging our network of branch offices and reaching our clients through innovative and high-tech service channels.”

 

Following the obtaining of the license, KT Bank AG will actually start its initiative to extend its network of branch offices into major cities of Germany. The first piority of the bank is to offer a full-rangeproduct and services portfolio that reflects the universal interest-free banking principles.

 

For more information about KT Bank AG, please visit www.kt-bank.de.

 
 
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Kuveyt Türk closes the year 2014 with a net profit of 370,5 million TL

24.02.2015

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Kuveyt Türk closes the year 2014 with a net profit of 370,5 million TL

24 February 2015

Kuveyt Türk closed the year 2014 with a net profit to TL 370,5 million with an increase by 23,3 percent compared to the previous year. Kuveyt Turk’s total assets have reached 34,8 billion increasing by 31,3 percent and its shareholders equity has reached 3,2 billion TL increasing by 31,3 percent as of the end of 2014 as compared to the figures as of the end of 2013. Its collected funds have reached 22,1 billion TL increasing by 30,0 percent and the funds made available by Kuveyt Türk have reached 21,2 billion TL increasing by 27,9 percent in the same period.

 

“We will focus on SME banking in 2015”

 

Stating that they are pleased that the last year’s growth figures outperformed the planned targets, Mr. Ufuk Uyan, the GEO of Kuveyt Türk, said:

 

“We have closed the year with an outstanding success by achieving figures in excess of the sector average in terms of growth and profitability as of the end of the year. Following that success Kuveyt Türk has taken a position to meet the needs of tradesmen, micro businesses, small and medium size enterprises by assuming important functions in meeting the needs of the real economy and focusing on the areas where we are the strongest especially SME banking in 2015.”

 

Stating that the year 2015 will be very dynamic and financially active with currency risks due to the FED interest rate increase, Mr. Uyan emphasized that Kuveyt Türk will support its clients with hedging products and services and continue to offer its clients with resources such as Eximbank and export financing and the products such as forwards. “Kuveyt Türk will introduce new innovative products and services and our R&D center which has upgraded our prestige in 2014 will continue its innovative studies.”

 
 
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Kuveyt Türk Lowers Its Profit Rates In House And Car Financing

03.02.2015

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Kuveyt Türk Lowers Its Profit Rates In House And Car Financing

20.11.2014

Kuveyt Türk launches a new campaign offering a profit rate of 0,81 percent for house financing and 0,94 percent for car financing.

As usual, Kuveyt Türk offers best suiting financing support for the needs of its clients. With the new campaign where house and car financing rates have been starting from 0,81 percent and 0,94 percent, respectively, Kuveyt Türk offers advantageous options for those who are willing to own a house or car.

While offering repayment terms of 12, 24, 36 and 48 months to those who are willing to buy a new car enjoying lower profit rates, Kuveyt Türk provides advantageous financing support as low as 0,94 percent for a repayment term of 24 month. Repayment schemes in case of house financing include the profit rates of 0,81 percent for 36 months, 0,83 percent for 60 months and 0,86 percent for 120 months. Those who purchase car and life insurance policies from Kuveyt Türk may enjoy lower rates of financing as part of this campaign.

Using the online calculation chart, Kuveyt Türk enables its clients to search for the best profit rates and repayment schemes for them. For more information and inquiries please visit nearest Kuveyt Türk branch office or dial Kuveyt Türk Call Center (444 0 123 / 0850 251 0 123).

 
 
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Kuveyt Türk R&D Center wins Innovation Award

20.11.2014

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Kuveyt Türk R&D Center wins Innovation Award

20.11.2014

With a 25-year history in Turkey’s participation banking sector,Kuveyt Türk was awarded for its work in R&D and innovation in the Banking and Finance Industry category at the 3rd Private Sector R&D Centers Summit

Kuveyt Türk Participation Bank was voted the winner of the Innovation Award among 164 research and development centers in the summit themed “Development through R&D and Innovation” staged in Ankara. Kuveyt Türk was represented at the award ceremony by the bank’s Information Technologies Group Manager Mücahit Gündebahar. In his ceremonial remarks on the award, Gündebahar said, “The Kuveyt Türk R&D Center has been a focus of praise in both Turkey and international circles for its recent innovative projects in the banking industry. We are greatly happy to be deemed worthy of this award at this valuable summit today. I’m grateful to our entire R&D Center staff for their efforts. I’d also like to extend my thanks to all of our partners and consultants for their contribution.”

Highlighting the importance of R&D investments in boosting Turkey’s prestige in the global economy and driving development, Gündebahar went on to say, “Looking at the distribution of active R&D centers by sector, we see that the share of the banking and finance industry is 2 percent. There’s still plenty of work to be done in this field. We at Kuveyt Türk will keep contributing to our industry.”

The awards are intended to mobilize Turkey’s potential for innovation in pace with the significant steps taken toward Turkey’s vision for the year 2023. They also serve as an incentive in R&D and entrepreneurialism for businesses engaged in the manufacture of high-tech and high-value-added products.

 
 
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Kuveyt Türk wins Bonds & Loans’ “Best Islamic Capital Markets Deal” award

20.11.2014

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Kuveyt Türk wins Bonds & Loans’ “Best Islamic Capital Markets Deal” award

20.11.2014

A veteran of 25 years in Turkey’s participation banking sector, Kuveyt Türk was conferred Bonds & Loans’ “Best Islamic Capital Market Deal” award, one of the most important in the Turkish capital markets industry. Held in Istanbul for the first time this year, the award ceremony was hosted by Global Financial Conferences, known for their prestigious events in the world of finance and investment, at the waterside mansion Esma Sultan Yalısı along the Bosphorus.

Kuveyt Türk was nominated for its June 2014 issue of lease certificates (sukuk) worth USD500M, the sector’s new benchmark transaction, In the Bonds & Loans Turkey 2014 event where the competition included top organizations of the finance industry. Although priced at a competitive return rate, the issue drew 6.5 times as great a demand from avidly interested international investors from the Gulf Region, Europe, and Asia which numbered more than 170 in all. The sale broke down to the Gulf Region by 45%, the UK 20%, Asia 17%, Switzerland 12%, other European countries 5%, and other countries 1%, which was a sign of the effective diversification of Kuveyt Türk’s investor base. Traded on secondary markets at greater liquidity and narrower margins compared to its counterparts, this lease certificate stood out for being a new index for international issues originating from Turkey.

The Kuveyt Türk Participation Bank was represented at the award ceremony by Dr. R. Ahmet Albayrak, Executive Vice President. Dr. R. Ahmet Albayrak received the award on behalf of Kuveyt Turk, saying, “We’re greatly happy to be deemed worthy of this award. I’d like to say thank-you to all of our partners and consultants for their contributions in carrying out the transaction that brought us this award.”

Significant gala for the Turkish capital market

Deputy Prime Minister Ali Babacan delivered the opening remarks by video at the award ceremony which brought Turkey’s leading businessmen together to discuss the key developments in the industry. Noting that the Turkish capital market had registered an impressive growth since 2008, Babacan also touched upon the steps the government took for the purpose of supporting the market.

 
 
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Kuveyt Turk’s 2014 Q3 profit grows 20% to reach TL284m

13.11.2014

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Kuveyt Turk’s 2014 Q3 profit grows 20% to reach TL284m

13.11.2014

Completing its 25th year in Turkey’s participation banking sector, Kuveyt Turk displayed yet greater momentum in its successful year-long performance as 2014 draws to a close. Kuveyt Turk’s net profit in the third quarter of 2014 grew 20% year on year to reach TL284 million.

Kuveyt Turk increased its total assets to TL 32.768 billion in the third quarter of 2014 with a 27% rise with respect to the end of 2013 as its equity grew 28% to TL2.948 billion. Fund collected grew 26% to TL21.518 billion during the same time frame while loans and receivables applied climbed 27% to TL 21.165 billion.

Nothing that they had maintained their year-long stable and strong growth as the end of the year approached, Kuveyt Turk CEO Ufuk Uyan said, “ Kuveyt Turk has raised the number of its branches to 300 (included Bahrain and Dubai branches) and its employees to 5048 as of today (13.11.2014). We are confident that we’ll keep our position of leadership in the sector in the coming year by means of our sound banking operations and continue providing strong support to the country’s economy.”

 
 
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Kuveyt Turk completes highest sukuk issue in TL

09.10.2014

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Kuveyt Turk completes highest sukuk issue in TL

09.10.2014

Kuveyt Turk has performed the issue of Sukuk (rent certificate) denominated in TL with the highest amount ever sold in a single transaction to domestic investor using together the financial leasing assets, Treasury rent certificate and commodity murabaha contained in its portfolio.

Kuveyt Turk has performed the Sukuk issue with the highest amount ever sold to the qualified domestic investor. As part of the sukuk issue that has taken place at a time when markets are highly fluctuating, Kuveyt Turk raised resources at a competitive cost and further strengthened its strong position in Sukuk market achieving a yield rate of 9,16 percent p.a. for its 91-day issue and 9,95 percent p.a. in its 175-day issue.

Enjoying remarkable demand from portfolio management companies, investment companies and mutual funds as well as qualified individual clients, Kuveyt Turk has sold 150 million TL sukuk exercising its additional sales right as part of the deal.

Kuveyt Türk’s Geo Mr. Ufuk UYAN was quoted as saying as regards the high demand received for Sukuk issuance: “We have led the way successfully believing that pioneering is only possible with innovation. We have performed that issue through a structure used for the first time in the domestic market. Accordingly, we have performed a rent certificate issue denominated in Turkish Lira, using together the financial leasing assets, Treasury Rent Certificate and commodity murabaha for the first time. Investors have once again displayed their confidence toward Kuveyt Türk and their appetite for taking the risk of Kuveyt Türk for any maturities. We will contribute to the development of the participation banking aiming at more and more successful domestic and international Sukuk issues at each time.”

Commenting on the issues performed by Turkish banking sector, Dr. R. Ahmet ALBAYRAK, the Deputy Managing Director in charge of Corporate & Investment & International Banking and Treasury said “As we compare our issue to the developments in the sector, it is evident that our deal with a maturity of 175 days has been carried out with an additional yield of 61 points over the indicative rates while our deal of 91 days remains even below the indicative rates. Our sukuk deal has been widely attracted by qualified domestic investors and promised growth for future issues. Kuveyt Turk will continue its rent certificate issues during the forthcoming periods as part of its issue ceiling of 1 billion TL.”.

 
 
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Kuveyt Türk enjoys net profit of TL 175 million in first half of 2014 increasing by 20 percent

08.08.2014

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Kuveyt Türk enjoys net profit of TL 175 million in first half of 2014 increasing by 20 percent

08.08.2014

al-marzouq

Kuveyt Türk Participation Bank continues to strengthen and fortify its position in the sector with its stable and strong track of growth it its 25th year in Turkey. Kuveyt Türk has increased its net profit to TL 175 million in first half of 2014 with an increase by 20 percent compared to the same period of the previous year.

Kuveyt Turk’s total assets have reached TL 30 billion 511 million increasing by 18 percent and its shareholders equity has reached TL 2 billion 854 million TL increasing by 24 percent in the first half of 2014 as compared to the figures as of the end of 2013. Its collected funds have reached TL 19 billion 637 million increasing by 15 percent and the funds made available by Kuveyt Türk have reached TL 18 billion 895 million increasing by 13.5 percent in the same period.

Stating that the strong growth stemming from the robust banking understanding has continued also during the first half of 2014, Mr. Ufuk Uyan, the CEO of Kuveyt Türk is quoted as saying, “We, as Kuveyt Türk, introduce innovative products and services pioneering in the market, and we take robust steps toward our future targets. Increase in the share capital and the profits are the most important indicators that our bank has performed a stable and strong growth. As of today, we are a bank which has 287 branch offices and 4867 employees. We will continue to take steps to add further value to our sector also in the second half of our 25th year in Turkey.”

 
 
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Al-Marzouq: KFH Posts Net Profit of KD 54.5 mln (USD 193.5 mln) in H1 2014

23.07.2014

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Al-Marzouq: KFH Posts Net Profit of KD 54.5 mln (USD 193.5 mln) in H1 2014

23.07.2014

al-marzouq

 

 

 

Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated that KFH, by the Grace of Allah and His Blessing, has achieved a gross profit of KD 144.032 million (USD 510.887 mln) for the First Half of 2014, and net profit for shareholders was KD 54.568 million (USD 193.555 mln) with an increase of 10% over the same period last year.

Total Assets increased by 11 % over the same period last year to reach KD 16.7 billion (USD 59.3 bln), an increase of KD 1.6 billion (USD 5.7 bln).

Total deposits reached KD 10.7 billion, (USD 38.1 bln) an increase of KD 412 million (USD 1.5 bln), or 4% over the same period last year.

Shareholders’ equity reached KD 1.7 bln (USD 6.1 bln), an increase of KD 59 mln (USD 209 mln), or 4% over the same period last year.

 
 
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Kuveyt Türk’s US Dollar Sukuk Issuance Receives High Demand

26.06.2014

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Kuveyt Türk’s US Dollar Sukuk Issuance Receives High Demand

26.06.2014

Kuveyt Türk Participation Bank has issued a five-year benchmark Sukuk of $500 million.

Kuveyt Türk, the largest participation bank in Turkey in terms of total assets, has today announced the issuance of a five-year USD denomination Reg S Sukuk. The total amount of the issuance was $500 million with a return rate of 5.162 percent while total demand rose over six-fold due to high investor interest despite the competitive pricing. The issuance drew great interest from international investors in Europe and Asia as well as the Middle East, receiving orders from over 170 accounts, a clear indication of Kuveyt Türk’s well-diversified investor base. The closing of the order books provided for a 45% allocation to Middle East investors and 55% to other international investors comprising 20% UK, 17% Asia, 12% Switzerland, 5% Europe and 1% other international accounts.

Commenting on the transaction, Mr. Ufuk UYAN, the CEO of Kuveyt Türk, said “We are extremely pleased with the level and wide geographical diversity of demand for Kuveyt Türk’s third international issuance of Sukuk certificates. The certificates are likely to be more liquid as compared to those issued previously and set a new benchmark for Sukuk offerings out of Turkey. As with prior issuances, international investors have reiterated their confidence and medium to long term risk appetite in Kuveyt Türk and Turkey. The continued support and development of the participation banking sector in Turkey has been instrumental in making such international Sukuk issuances a great success.”

Emphasizing the importance of Sukuk instruments for the further development of longer term funding alternatives in the Turkish participation banking sector, Dr. R. Ahmet ALBAYRAK, Executive Vice President of International & Corporate Banking, stated that “The issuance is very much in line with our growth objectives in the medium to long term funding space for quality corporates and project finance in Turkey. The solution based structuring approach by our Corporate & Investment Banking Divisions has gained much traction among Kuveyt Türk’s existing and new corporate customers. More regular issuances of Sukuk in the future will certainly complement this growth. ” Mr. ALBAYRAK further noted that the appointment of Kuwait Finance House Investment Company as the Sole Global Coordinator for the issuance provided the transaction with international strategic oversight as well as ensuring a smooth and timely execution.

Kuwait Türk had appointed Citigroup, Emirates NBD Capital, HSBC, Kuwait Finance House Investment Co. and Standard Chartered Bank as Joint Lead Managers / Book Runners; ADIB, DIB & QNB Capital LLC as the Joint Lead Managers; and Commercial Bank International PSC, QInvest LLC as Co-Managers.

 
 
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Ortaköy Mosque Restoration Has Been Completed

06.06.2014

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Ortaköy Mosque Restoration Has Been Completed

06.06.2014

 
 

Great Mecidiye Mosque, located by the sea at Ortakoy district of Istanbul, has just opened for service after the restoration works started in 2011 and sponsored by Kuveyt Turk Participation Bank were completed in cooperation with the General Directorate of Foundations. A spokesman for Kuveyt Turk commented as follows: “We are happy to see Great Mecidiye Mosque in Ortakoy reopening for service after it has been restored with contribution from us, which we provided to preserve its historical and cultural heritage and to hand over it to the future generations. “

ihtiyac kart

One of the pioneers of participation banking in Turkey, Kuveyt Turk added another special one to the projects it supported to preserve historical and cultural heritage and to hand over social values to the future generations. Restoration works were managed by the General Directorate of Foundations and by Kuveyt Turk Participation Bank and built by Gur Yapi, so that the restoration works meticulously performed since 2011 at Great Mecidiye Mosque in Ortakoy were completed.

A ceremony was organized for reopening of Great Mecidiye Mosque for service in the presence of Prime Minister Recep Tayyip Erdogan, Managing Director of Foundations Adnan Ertem, Energy and Natural Resources Minister Taner Yildiz, Minister of Religious Affairs Mehmet Gormez, Istanbul Governer Huseyin Avni Mutlu, Istanbul Metropolitan Municipality Mayor Kadir Topbas, AK Party Istanbul Provincial Chairman Aziz Babuscu, AK Party Istanbul Deputy Egemen Bagis, Besiktas Mayor Murat Hazinedar, Vice Chairman of the Board of Kuveyt Turk Abdullah Tivnikli, CEO of Kuveyt Turk Ufuk Uyan, other top management executives of Kuveyt Turk, and guests invited. Started after the Friday ritual prayer was performed, the ceremony attracted a large number of spectators too.

Prime Minister Recep Tayyip Erdogan, in his speech at the opening, thanked to Kuveyt Turk, because of its support for the process of Ortakoy Mosque restoration.

One of the most precious monuments that shape the identity of Istanbul …

Ufuk Uyan CEO of Kuveyt Turk commented after the ceremony: “Kuveyt Turk contributes to development of this country and this industry on the one hand, and realizes precious social responsibility projects in the light of our strongly anchored values on the other hand. We aim to preserve our historical and cultural heritage in order to leave to the future generations a society whose values have been preserved intact.”

Uyan explained that after supporting the restoration works for Saliha Sultan Fountain in Azapkapi district of Istanbul and Kozahan Fountain in Bursa, Kuveyt Turk is very happy to have supported the restoration of Great Mecidiye Mosque in Ortakoy district of Istanbul, adding: “Great Mecidiye Mosque occupies a very special position among the historical monuments that shape the identity of Istanbul. This bank is very happy to have contributed in survival of this mosque housing the spiritual traces of both the ages it bore witness and the respected people who had come here to pray.”

Explaining that Great Mecidiye Mosque was restored with utmost care in harmony with its historic texture, Uyan added: “Istanbul is a very important urban center, one of the leading emerging cities in the world. It is our greatest responsibility now to preserve the symbolic structures of this city, the traces of our history. Kuveyt Turk is happy to achieve the task it undertakes as part of this responsibility.”

Further information for Restoration Of Ortaköy Mosque click here.

 
 
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Kuveyt Türk’s Humanitarian Aid to Soma Victims

22.05.2014

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Kuveyt Türk’s Humanitarian Aid to Soma Victims

22.05.2014

 


Kuveyt Türk Katılım Bankası A.Ş, has donated 1 million TL to the families and survivors of the Soma coal-mine disaster in an effort to alleviate their pains as part of the decision of the senior management.

Kuveyt Türk’s donation shall be provided to the people in need through Turkish AFAD (Disaster and Emergency Management Presidency). Also launched an aid campaign among its employees, Kuveyt Türk shall also transfer to Soma victims any sums to be donated through such campaign.

 

   
 
 
 
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Kuveyt Turk Offers Special Card for Actual Needs

21.05.2014

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Kuveyt Turk Offers Special Card for Actual Needs

21.05.2014

 


Diversifying and extending the scope of services in participation banking sector through its fast and sophisticated service understanding, Kuveyt Turk now offers the “İhtiyaç Kart (Consumption Card)” as an alternative to the consumer loan. Thanks to the İhtiyaç Kart designed in accordance with the participation banking principles, Kuveyt Türk offers the opportunity to make payments with installments up to 36 months for the short term spendings such as marriage, home renovation, holiday, healthcare expenses.

A first in Turkey, İhtiyaç Kart offers the advantage of making payments with installments ranging from 6 to 36 months. The holders of İhtiyaç Kart are able to use the consumer loan in the form of the card within 3 months, take the advantage of cash payment rebates and make the payment with the number of installments of their choice over the reduced sales price.

İhtiyaç Kart specially designed for actual needs can be used at any retail stores at home or abroad. Applications for obtaining an İhtiyaç Kart may be made online at www.ihtiyackart.com.tr or through Kuveyt Türk branch offices.

About Kuveyt Türk:

Kuveyt Türk has, since its foundation, adopted as its principles to be painstaking in interest-free banking system, research in the field of investment, offer modern, stable, reliable, high-quality and quick service to savings holders and businessmen, and provide its staff with ongoing training for the purpose of increasing their productivity. Kuveyt Turk is proud of being capable of bringing quick and high-quality service to savings holders and investors through its branches and correspondents at home and abroad by means of any and all the state-of-the-art technological means.

 

   
 
 
 
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Kuveyt Türk Enjoys Net Profit of TL 80 Million in First Quarter of 2014 Increasing by 57.67%

08.05.2014

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Kuveyt Türk Enjoys Net Profit of TL 80 Million in First Quarter of 2014 Increasing by 57.67%

08.05.2014

 


Celebrating its 25th anniversary in participation banking sector in Turkey, Kuveyt Türk continues its stable growth. Kuveyt Türk has increased its net profit to TL 80 million in first quarter of 2014 with an increase by 57.67% compared to the same period of the previous year.

Kuveyt Turk’s total assets have reached 27 billion 748 million TL increasing by 7.16 percent and its shareholders equity has reached 2 billion 385 million TL increasing by 3.59 percent in the first quarter of 2014 as compared to the figures as of the end of 2013. Its collected fund have reached 18 billion 524 million TL increasing by 8.77 percent and the funds made available by Kuveyt Türk have reached 17 billion 663 million TL increasing by 6.14 percent in the same period.

Kuveyt Turk CEO Mr. Ufuk Uyan mentioned that; Kuveyt Turk will continue its stable and strong growth. In the first quarter of 2014 with the “sound banking” business model, Kuveyt Türk has 278 branch offices and 4180 employees for the time being.”

 

 

   
 
 
 
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Kuwait Turk Introduced Turkish Companies to Investors at Property Forum

30.04.2014

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Kuwait Turk Introduced Turkish Companies to Investors at Property Forum

30.04.2014

Minister of Finance Mehmet Simsek Attended Kuwait Property Forum

 


Celebrating its 25th anniversary in Turkey and continuing to grow in the participation banking sector, Kuwait Turk hosted several Turkish real estate companies at Kuwait Property Forum, an event promoting some of the most prestigious real estate projects in Turkey. Visited by the Minister of Finance Mehmet Simsek, this forum was attended by Kuwait Turk providing financial support for foreign investors, its parent company Kuwait Finance House, and its affiliates Turkapital and Iskan Gayrimenkul.

 

 

“Kuwait Turk Contributed to Strengthening of The Relations Between the Gulf Area and Turkey” Delivering a speech at the Kuwait Property Forum, Minister of Finance Mehmet Simsek said that Kuwait Turk plays an important role in the economic development of this country and has been a major player in the Turkish banking sector in the last 25 years, adding “Kuwait Turk overcame the foreign currency crisis suffered in the 1990s and contributed to strengthening of the relations between the Gulf Area and Turkey. Kuwait Turkey was started in Turkey with a capital of US$ 10 million, now the assets it controls are valued at US$ 1 billion”.

Emphasizing that Turkey welcomes the Kuwaiti investors, Mehmet Simsek finished his speech as follows: “I would like to thank the people involved in the organization of this important forum for gathering private sector investors from the both countries.”

Turkish real estate sector presents considerable opportunities for foreign investors

Ufuk Uyan, Managing Director Kuwait Turk, expressing his views on the macroeconomic position of Turkey and on Kuwait Turk, said the Turkish economy underwent a significant transformation to grow in the last 10 years. He also made comments on the real estate sector and investment opportunities, adding that “Turkish real estate sector grows fast and provides considerable opportunities for foreign investors. Kuwait Turk believes to have provided a platform with this forum to introduce Turkish companies to foreign investors, to lead them to important business cooperation, and is happy to provide investors with financial support.”

Uyan explained that his bank lends loans to investors located in the Gulf Area for their real estate projects in Turkey, providing 50% down payment and repayable in installments in five years, adding that “the Special Banking Group established by Kuwait Turk will provide proactive services to all parties who are willing to invest in Turkey and to meet foreign investors for their projects.”

   
 
 
 
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Kuveyt Türk Enjoys a Net Profit of 300 Million TL as It Celebrates Its 25th Anniversary

19.02.2014

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Kuveyt Türk Enjoys a Net Profit of 300 Million TL as It Celebrates Its 25th Anniversary

19.02.2014

 

Maintaining its steady growth in interest-free banking sector, Kuveyt Türk has enjoyed a profit of 300 million TL as of the end of 2013 increasing its profit by 20 percent.

 
 


Total assets have reached 25.9 billion TL increasing by 37 percent, and the funds made available have reached 16.6 billion TL increasing by 32 percent. As of the end of 2013, the capital adequacy ratio has realized as 14.24, and the collected funs have reached 17.3 billion TL with an increase of 34 percent. 47 branch offices have been opened in 2013 totaling to 267 branch offices at home and abroad.

“Continue to grow by making profit...”

Stating that Kuveyt Türk as the pioneering bank in the sector has led the way for the sector and contributed to the growth of the sector, Mr. Ufuk Uyan, the GEO of Kuveyt Türk Participation Bank, has noted that they have added value to the Turkish economy with innovative initiatives such as sukuk and expressed their pleasure as they have pioneered not only its own sector but also the public and private sector with gold instruments offering a large number of alternatives which have been introduced as a reflection of customer-oriented banking services.

 

“Asset size of 30 billion TL in 25th anniversary”

Stating that they were aiming at achieving an asset size of 30 billion TL in 2014, Mr. Uyan went on to say, “We are aiming at reaching 320 branch offices in Turkey, opening branch offices in Qatar, and establishing a bank in Germany in 2014 when we will complete the 25th anniversary of our Bank. Besides, we also plan to issue sukuk in Ringgit or Dollar in Malaysia, another first in the banking sector. We will continue our services for the benefit of the small and medium size enterprises which have an important place in the foundation philosophy of participation banks and which represent the most important production and employment power of Turkish economy.

Stating that they would continue to introduce new products and services in the sector, Mr. Uyan said, “we are planning to increase the total number of XTM which offers both branch office and ATM services together as a new innovation in branchless banking to 50 by discovering suitable locations. We will continue to further improve such XTMs which serve like digital branch office”.


 
 
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Kuveyt Türk Has Signed Syndicated Club Murabaha Facility

30.12.2013

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Kuveyt Türk Has Signed Syndicated Club Murabaha Facility

30.12.2013

 

Continuing its stable growth, Kuveyt Türk has signed a new syndicated club murabaha facility for 275 million Dollars and 83 million Euros

 
 


Kuveyt Turk’s syndicated club murabaha facility consists of two separate tranches, one with a term of 1 year and the other with a term of 2 years. The syndicated club murabaha facility obtained at a rate of Libor+Euribor + 0.90% for the term of 1 year and Libor+Euribor + 1.25% for the term of 2 years has attracted participations by 12 global and regional banks from 9 countries. Expressing his pleasure upon the successful conclusion of the syndication deal by Kuveyt Türk, Mr. Ufuk Uyan, the CEO said that the transaction affirmed the strong position of Kuveyt Türk and Turkey’s prestige in the international arena.

Stating that while financial problems prevail especially in Europe, Turkey remains a focus of interest as an investment destination and that such interest is anticipated to further increase in, Mr. UYAN went on to say: “Kuveyt Türk’s Investment Banking division, has closed a TRL sukuk deal in November which was extremely well received and supported by investors. This deal was the the biggest ever sukuk issuance by a Turkish Bank as well as being most competitively priced. We will also continue to offer to the real sector by increasing overseas resources needed by Turkey on its growth path. I would like to express my gratitude to our business partner banks who have provided this syndicated club murabaha facility which we will use towards the financing of foreign trade.”

Mr. UYAN said, “The success of the deal is an indication of the power and extent of of Kuveyt Türk’s international correspondent network. 12 banks from Asian, European and Middle Eastern markets have participated in the deal that has been conducted in a very cost-efficient manner at a time when borrowing costs have tended to increase.”

The syndicated club murabaha facility arranged in two tranches of 1-year and 2-year terms for 275 million Dollars and 83 million Euro, in aggregate has been participated by the following Banks: Mandated Lead Arrangers: ABC Islamic Bank (E.C.), Abu Dhabi Commercial Bank PJSC, Citibank N.A., Emirates NBD Capital Limited, HSBC Amanah Malaysia Berhad, Kuwait Finance House (Bahrain) B.S.C.(c) and Standard Chartered Bank.

Stating that they will celebrate the 25th anniversary of their establishment in 2014, Mr. UYAN said that Kuveyt Turk will continue to meet the wider investment banking requirements of its corporate clients.


 
 
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Kuveyt Türk Gains 236,7 Million TL Profit For The First 9 Months

11.11.2013

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Kuveyt Türk Gains 236,7 Million TL Profit For The First 9 Months

06.08.2013

 

Kuveyt Türk Participation Bank reports a net profit of 236,7 Million TL for the first 9 months

 
 


Kuveyt Türk maintained its growth trend consistently for 2013 and reported a profit of 236.7 million TL for the first 9 months.

Total assets reached up to 23 Billion 625 Million TL increasing 25 % compared to the first 9 months of the previous year, while net assets reached up to 2 Billion 247 Million TL with 33% increase performance. Customers’ Deposits soared to 15 Billion 600 Million TL increasing 22 % and Loans and Receivables reached to 15 Billion 125 Million TL by increasing 27% compared to same period of last year.

Kuveyt Türk Participation Bank General Manager Ufuk Uyan mentioned about first 9 months period of Kuveyt Turk. Mr. Uyan said that “We are carrying on providing added value with our developed innovative and leading products for our Participation Banking field besides Kuveyt Türk”. Mr. Uyan emphasised on the fact that they are the fastest-growing bank of the sector with their innovative products. Mr. Uyan also said that: “As Kuveyt Türk breaking again new grounds, we will offer lease certificate (Sukuk) valued at 100 million TL and with 1-year maturity to the public. Issuance that is constituted in accordance with Participation Banking principles has the characteristics of a lease certificate with the highest amount in TL currency that is to be offered to the public".


 
 
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IIRA, Upgrades Kuveyt Turk’s Grade

03.11.2013

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IIRA, Upgrades Kuveyt Turk’s Grade

06.08.2013

 

Islamic International Rating Agency (IIRA), has upgraded the national scale ratings of Kuveyt Turk Paticipation Bank

 
 


Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Türk Participation Bank on both the short – term and long – term scale to AA - / A – 1 + (Double A minus / A – One Plus) from A + / A – 1 (A Plus / A – One) previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB / A-3 (Triple B/A- Three) and foreign currency assessment at BBB - /A-3 (triple B Minus / A – Three). Outlook on the ratings is “Stable”

The ratings draw on recent, continued business expansion, reinforced by fresh capital provided by the bank’s sponsors in 2013. Plans to further capitalize in 2014, also support the ratings upgrade and would supplement planned growth over future years.

 

 
 
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Kuveyt Türk posts 146 Million Turkish Lira Net Profit For The First Of Half 2013

06.08.2013

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Kuveyt Türk posts 146 Million Turkish Lira Net Profit For The First Of Half 2013

06.08.2013

 

Kuveyt Türk posted a net profit of 146 million Turkish lira for the first half of 2013

 
 


Kuveyt Türk maintained its growth trend of recent years to raise net profits to 146 million Turkish lira in the first half of 2013.

In the same period, total assets reached 22.09 billion with a 16.8 percent rise, while equity capital soared to 2.15 billion Turkish lira, up 28.2 percent from first six-month period of the previous year. Kuveyt Türk boosted collected funds to 14.77 billion Turkish lira by achieving a 15.8 percent improvement and extended funds in the amount of 14.61 billion Turkish lira with an 18.3 percent rise in the same period.

"Sound Banking" business model continues to drive a consistent growth trend for Kuwait Turk in the first half of 2013 as the bank expanded the number of branches to 252 with a strong workforce of 4,450 personnel as of today.

 

 
 
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High Performance In Collected And Granted Funds In The First Quarter

09.05.2013

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High Performance In Collected And Granted Funds In The First Quarter

09.05.2013

 

Total Funds Collected soared to 13.5 billion Turkish lira with a 6.4 percent increase

Total Loans and Receivables rose to 12.6 billion Turkish lira with a 5.8 percent increase

 

“We maintain a steady and efficient growth rate by investing in people,”

Ufuk Uyan, the Chief Executive Officer of Kuwait Turk,

First quarter financial results show steady growth for Kuwait Turk. The bank improved its asset size to 19.65 billion Turkish lira with a 3.9 percent increase in the first quarter of 2013 year-on-year. Granted funds soared to 12.57 billion Turkish lira with a 5.8 percent rise.

Equities climbed to 1.71 billion Turkish lira with a 1.9 percent boost brought on with the impact of the 51 million Turkish lira profit earned in the first quarter of 2013. Collected fund swelled by 6.4 percent to reach 13.57 billion Turkish lira. Capital adequacy ratio was 13.76 percent in the same period.

“Profitable growth through investment in people and technology”

Ufuk Uyan, Chief Executive Officer of Kuwait Turk, said the successful results of the first quarter proved Kuwait Turk’s status as the most prominent participation bank in Turkey once again. “We project the profit margins to shrink in the industry in 2013. Thus, we are striving to earn profits and achieve growth by investing in people and technology concurrently with an emphasis on cutting costs and improving productivity,” he said.

 
 
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KFH Turkey posts net profit of 250 mln TL, up 28 pct y/y Bank’s assets, deposits and funds increase between 25% to 30%

08.03.2013

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KFH Turkey posts net profit of 250 mln TL, up 28 pct y/y Bank’s assets, deposits and funds increase between 25% to 30%

08.03.2013

 

KUWAIT CITY, March 2: Kuwait Finance House “KFH” CEO and “KFH-Turkey” Chairman Mohammed Sulaiman Al-Omar said that “KFH-Turkey” maintained its rapid growth in 2012 and increased its profits to 250 million Turkish lira, 28 percent increase compared to 2011, KFH Turkey increased its assets by 27 percent to 19 billion Turkish lira and its loans by 14 percent to 12 billion Turkish lira and capital adequacy ratio stood at about 14 percent. Al-Omar stated that the positive financial indicators achieved by “KFH -Turkey” reflected growth in many areas like the growth of clients deposits that increased by 29 percent to reach 12.7 billion TL. He also stressed that the results achieved were in accordance with the plans, targeted shares, development projects and restructuring program implemented by the bank.

He went on to say that KFH-Turkey is planning to expand in Turkey and abroad to enhance the achievement of its strategy based on the contribution to the development of economic cooperation between Turkey and its neighboring countries on the one hand, and Kuwait and the GCC on the other hand. Moreover, Al-Omar noted that “KFH-Turkey” continued last year successes where it inaugurated 40 new branches ,recruited 600 new employees, in addition to applying for the German authorities to open a bank operating according to Sharia and provides integrated services, in a move aimed at expanding the role of the branch existing in the city of Mannheim German. The bank also targeted markets in the neighboring countries of Turkey and enhance cooperation and partnership relations with many economic and commercial activities, as well as presenting new products that achieved great success like gold and silver accounts.

Al-Omar assured that the success achieved in a sovereign Sukuk deal arranged for the Turkish government worth up to $1.5 billion between “KFH-Turkey” and Liquidity Management House, KFH subsidiary, this deal is considered as a model of what can be represented by Sukuk of an effective tool to provide funding for governments and companies. He highlighted that many countries are currently considering this model until it becomes one of the mechanisms adopted to provide the funding they need to expand and grow, as one of the alternatives and financing options that is highly popular in the global markets. Al-Omar praised the Bank’s strategy in strengthening the relations with its clients in Kuwait by communicating with them during their accommodation in Turkey, and providing them with services as during last summer, in addition to providing those who like to buy apartments in Turkey with real estate finance besides consulting and advising.

Meanwhile, KFH-Turkey Executive Manager Ufuk Uyan stated that they expect to increase the Bank’s assets by 30 percent in 2013 and added, “We want to increase the bank’s deposits also by 30 percent. We are planning to expand into asset and wealth management this year. We signed nearly 300,000 new retail clients last year. This year’s target is 400,000 new clients. We also want to reach more SMEs.”

Uyan stressed that KFH-Turkey targets to expand its market shares in retail services to achieve the strategic goal to be one of the 10 largest banks in the Turkish market.

 
 
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Kuveyt Türk Applies For Full Banking Services License In Germany

23.10.2012

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Kuveyt Türk Applies For Full Banking Services License In Germany

23.10.2012

 

Kuveyt Türk has applied for full banking services license in Germany

 

On October 11, 2012, Kuveyt Türk Katılım Bankası A.Ş, with its headquarters in Istanbul, has applied to Germany’s Federal Financial Supervisory Authority (BaFin) in order to carry out its loan and deposit operations in Germany, under Article 32 of the German Credit Act.

With this application Kuveyt Türk will be the pioneer in Germany with the “Interest free banking” model of them selves

 

Products and services that will add value to German economy

Kuveyt Türk General Manager Ufuk Uyan stated that, with the start of their banking activities in Germany, they will be financially supporting the commercial activities of small, medium, and large-sized businesses in Germany just as they do in Turkey.

Ufuk Uyan also mentioned that Kuveyt Türk started its operations as a participation bank in 1989 and today has a total of 223 branches in Turkey and abroad. He said that if they obtain a full banking licence in Germany, Kuveyt Türk will introduce important financial support services that will add value to German economy.

General Manager Ufuk Uyan explained that they have obtained favorable long-term financing from alternative markets for the real economy in Turkey and that they want to transfer Kuveyt Türk’s experience and know-how to Germany, thus serving as a commercial financial bridge between Germany, Turkey and the Gulf countries.

Uyan mentioned the advantages they will provide to the real economy with the start of their full banking operations in Germany as follows: “More demand that originates from more trade volume, therefore more tax income; ease of entry to Turkish market and to the Middle East and North Africa (MENA) region; less capital outflow from Germany; and more capital inflow from the MENA region.”

     
 
 
 
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Kuveyt Türk Reports a Net Profit of 139.6 Million TL for the First Half of 2012

02.08.2012

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Kuveyt Türk Reports a Net Profit of 139.6 Million TL for the First Half of 2012

02.08.2012

 

Kuveyt Türk Participation Bank has posted a net profit of 139.6 million Turkish lira for the first half of 2012.

Whilst maintaining growth throughout the first half of the year, Kuveyt Türk has increased its profit to 139.6 million Turkish lira.

During the same period, Kuveyt Türk's total assets and equity capital rose to 16.55 billion Turkish lira and 1.56 billion Turkish lira, respectively. In addition, funds increased to 10.92 billion Turkish lira – 10.84 billion Turkish lira of which has been extended as loans.

Maintaining steady growth based on the "Reliable Banking" business model during the first half of 2012, by the end of July Kuveyt Türk attained its 2012 goal of opening 40 new branches thereby increasing the total numbers of branches and employees to 221 and 3,837, respectively.

     
 
 
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Kuveyt Turk To Offer Financial Support To Gulf Investors

08.06.2012

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Kuveyt Turk To Offer Financial Support To Gulf Investors

08.06.2012

Kuveyt Turk Participation Bank is offering important financial intermediation and other services to investors, especially those from the Gulf region, who want to buy real estate property and invest in Turkey.

Kuveyt Turk, following the removal of the condition of reciprocity – by the Grand National Assembly of Turkey – that had put restrictions on the sale of land and real estate to foreign citizens and firms, has begun to provide foreign investors, especially those from the Gulf region who have shown strong demand for real estate properties in Turkey, with convenient financial intermediation services.

With the approval of the law that removed the condition of reciprocity by the Grand National Assembly of Turkey, investors from the Gulf region have been given the right to buy any kind of real estate including residential, land and commercial properties.

Kuveyt Turk to offer financial consultancy and intermediation services

Reminding that they have identified a huge demand especially from the investors from the Gulf region for real estate properties in Turkey after the approval of the law, Ufuk Uyan, the General Manager of Kuveyt Turk, said, "We will help investors from Kuwait or other Gulf countries, who need financial assistance to buy real estate in Turkey, access financial intermediation services. We will finance the purchase of residential, land and commercial properties by Gulf region investors by providing them with U.S. dollar or Euro-denominated loans at favorable rates. To Gulf region investors who buy commercial real estate and residential properties, we will offer loans payable up to 60 months and 120 months, respectively."

Uyan emphasized the fact that they had become the most important gateway for Turkish investors seeking to invest in the Gulf countries through the products and services they had been offering for the last 23 years in Turkey as a subsidiary of the Kuwait Finance House (KFH), a leading provider of Islamic commercial investment banking services in the world. Stating that they were aiming to become a second "house" for their customers, referring to the word "house" contained in the title of their parent company (Kuwait Finance House), Uyan added that they had staffed their Main Branch and other branches, including the one located in Taksim, with Arabic-speaking personnel who operate under the coordination of the newly-established "Customer Relations Unit.

Emphasizing that they would be offering customized solutions to their customers as a brand that knew very well the needs of investors both in Turkey and across the Gulf region, Uyan continued, "In addition, we will help our customers fulfill their tax filing and payment obligations – related to the real estate properties they are planning to purchase – that require ongoing monitoring with the services we will offer through our group companies. As a result, investors will be relieved of the burden of monitoring on their own the fulfillment of tax obligations, payments and invoices, which concern the real estate properties they have purchased. As Kuveyt Turk, we will also be offering consultancy services to the investors."

There is a very significant business volume between Turkey and the Gulf region

Mentioning that the trade volume between Turkey and the Gulf region 10 years ago stood at around $1.5 billion, Uyan said, "In the course of the past 10 years, this figure has jumped to $11.9 billion. Notwithstanding this significant improvement, we can legitimately say that it is still far from its desired level in light of the potential offered by the economic and demographic sizes of these countries. With the entering into force of laws such as these in Turkey, we think that the mutual trade volume between Turkey and the Gulf region will increase even more and the true potential of economic relationship between the trading partners will be realized at last." Mentioning that Turkey has become an attractive country for Gulf investors thanks to the economic stability that the country has achieved recently, Uyan continued, "The volume of business and trade between Turkey and Kuwait reached $567 million by the end of 2011. We expect to see this figure continue to rise in the coming future."

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Kuveyt Turk Holds Its 2012 Ordinary General Assembly

19.04.2012

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Kuveyt Turk Holds Its 2012 Ordinary General Assembly

19.04.2012

The 2012 ordinary general assembly of Kuveyt Turk Participation Bank was held the previous day at the bank's head office in Esentepe with the participation of the board of directors, senior management, and the general assembly members.

At the 2012 ordinary general assembly of Kuveyt Turk, which was held the previous day at the Head Office in Esentepe, the 2011 evaluation of the steady growth maintained with the “Reliable banking” business model was part of the agenda. During the meeting, in which the board members were present together with the general assembly members, Kuveyt Turk's net profit of 195 million Turkish lira was officially declared to all members. Kuveyt Turk increased its total assets by 54 percent in 2011. At the General Assembly it was decided that a 16 million Turkish lira dividend would be paid to the shareholders out of this profit, and 150 million Turkish lira would be distributed to shareholders as bonus shares.

In his speech at the general assembly, Ufuk Uyan, General Manager of Kuveyt Turk, expressed that with an increase of 22 percent in the net profit, they reached all the banking targets that they had determined and that they will speed up the rate of growth in 2012. Uyan also stated that they will be leading the development of participation banking with the innovative products they developed in the precious metals market and by increasing the number of branches.

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Kuveyt Türk Introduces Turkey To “Sukuk” Market With Pioneering Lease Certificate Issuance

22.11.2011

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Kuveyt Türk Introduces Turkey To “Sukuk” Market With Pioneering Lease Certificate Issuance

22.11.2011

     

Present at the signing ceremony and press conference for the second “Sukuk” issuance that received great interest from the Gulf Region and European investors were Capital Market Board Chairman Vedat Akgiray, Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan. The event was also attended by officials from the lead arranging banks; Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.
 

 

 

The Kuveyt Türk pioneered transaction represents the “first” issuance as part of the Comminiqué on Lease Certificates and has created $350 million worth of derivative funds for a five year period that will be primarily used for project financing.

Kuveyt Türk Chairman Mohammed Al-Omar: “Sukuk is an important product that will contribute to Participation Banking’s consistent growth”

Kuveyt Türk Chairman Mohammed Al Omar especially emphasized that “Sukuk” is an important product that will contribute to Participation Banking’s consistent growth.”

Omar said that “Both Kuveyt Türk’s Sukuk issuances were met with great interest. This issuance is an important financial source for Turkey’s continuing development goal. We are very happy that its record setting, long-term and high value has contributed as a financial source in these times of extreme economic duress. Turkey has the potential to acquire considerable financial resources by issuing new issuances to global investors, including the Gulf Region. Kuvey Türk is ready to provide all the necessary assistance to state and private institutions in this matter.” Omar concluded his speech with the promise that they would grab the headlines with new issuances in the coming period.

Ufuk Uyan stated: “Turkey became part of the global $100 billion worth Sukuk market thanks to Kuveyt Türk.”

Kuveyt Türk CEO Ufuk Uyan stated during his signing ceremony speech that Kuveyt Türk had taken a pioneering role in opening the door for procuring long-term funds from financial markets, in accord with interest free banking principles. He further acknowledged the joy they felt for taking part in the process of affording Turkey access to a fast developing global “Sukuk" market that was worth $100 billion.

He said that their two Sukuk issuances, the first ever of their kind in Turkey, had enabled the country access to a brand new market that contributed long-term funds necessary for the country’s development and that they would share their know-how with other companies and provide advice for future issuances. Uyan underlined that one of the issuances most important aspects was its very competitive pricing and how it was a reflection of the trust placed in Turkey and Kuveyt Türk. Uyan further claimed, they regarded the Sukuk market as an important opportunity with great potential for Turkey and they plan to issue new transactions and issuances for corporate companies.

Uyan finally assured the issuance was met with great interest during a period of extreme financial fluctuation and “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors’ issuance acquirement of 12 percent during the final allocation confirms the unabated interest in our banks issuance even during these hard times. Considering we have gained a diverse investor portfolio of banks, private banking departments and international institutions has also made us very happy.”

 
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Kuveyt Turk Posts “160.5 Million TL Net Profit” For First 9 Months

16.11.2011

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Kuveyt Turk Posts “160.5 Million TL Net Profit” For First 9 Months

16.11.2011

Kuveyt Türk Katılım Bankası posts a profit increase of 25 percent in the first 9 months of 2011, while its assets rose to 13.671 million Turkish lira, an increase of 58.13 percent compared to the same period last year.

Kuveyt Turk announced that its steady growth continued in the first 9 months of 2011, according to the financial results for the period. Kuveyt Turk assets rose to 13.671 billion Turkish lira in the first 9 months of 2011, a 58.13 percent increase compared to the same period of 2010. Loans increased 54.39 percent, compared to the same period last year, to 9.437 billion Turkish lira.

According to the statement, equity capital increased 14.52 percent to 1.403 billion Turkish lira and funds increased 57.88 percent to 11.65 billion Turkish lira. Capital adequacy ratio for the September 2011 period was 16.51 percent.

  September 2010 September 2011 Increase (%)
ASSETS 8,645,151,000 13,670,907,000 58.13
CASH LOANS 6,112,737,000 9,437,208,000 54.39
RAISED FUNDS 7,008,717,000 11,065,475,000 57.88
EQUITY CAPITAL 1,225,537,000 1,403,45,000 14.52
PROFIT 128,500,000 160,515,000 24.91
EMPLOYMENT 2,725 3,205 17.61
BRANCHING 141 166 17.73
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Another “First” For The Turkish Market: Kuveyt Turk’s Second Sukuk Issuance Succesfully Finalized

01.11.2011

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Another “First” For The Turkish Market: Kuveyt Turk’s Second Sukuk Issuance Succesfully Finalized

01.11.2011

Kuveyt Türk successfully issued its second Sukuk, following last year’s first issuance in Turkey and Europe. The transaction represents the “first” issuance within the framework of new Sukuk regulation in Turkey; namely, the Communiqué on Lease Certificates. Issue size has been USD 350 million with a 5 year term.

Turkey’s first lease certificates issuance was completed successfully after investor meetings held in prominent financial centers in Asia, the Gulf Region and Europe; and it was almost two times oversubscribed. Turkey’s second Sukuk issuance’s certificates will be listed in the London Stock Exchange. Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank were joint lead managers in the deal. Fitch assigned “BBB-“, investment grade, rating to the certificates in line with Kuveyt Turk’s rating.

Kuveyt Turk CEO Ufuk UYAN recalled the strong interest from investors to Kuveyt Turk’s last year’s issuance, a first both in Turkey and Europe, and said in his statement that “This second issuance is the first Sukuk transaction in line with the Capital Markets Board of Turkey’s (CMB) Communiqué on Lease Certificates. The transaction was materialized by Kuveyt Turk Sukuk Varlık Kiralama A.Ş., a Turkey based asset leasing company. We are very pleased to have realized both Turkey’s second Sukuk issuance and the first issuance within the framework of new sukuk regulation.”

UYAN further stated that the issuance was finalized during a period of financial volatility and it attracted investors’ considerable interest. He noted that “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors had a final allocation of 12 percent. These figures indicate the widespread interest in our issuance even during these turbulent times. We also consider the diversified investor base including banks, private banking funds, supranationals and agencies as another successful aspect of the deal.”

Sukuk will open a new door in interest-free banking

UYAN pointed out that Kuveyt Turk opened a new door for Turkish participation banks into long-term funding from capital markets in line with the interest-free banking principles. He stated that “Since its establishment, Kuveyt Turk had the mission and strategy to derive long term funds to support Turkish economic development. We have taken strategic steps to this end and aimed to introduce Turkey to growing global Sukuk market. It is important for us to pave the way with last year’s first Sukuk issuance and we are happy now to finalise the second one as again a “first” under the new regulation. The funds will be utilised for our customers’ funding needs, and especially for project financing.”

UYAN also underlined the fact that one of the most important aspects of the issuance was its very competitive pricing. UYAN finally stated that they regarded the Sukuk market to have an important potential for Turkey, and that they are committed to further new issuances including corporate sukuks from Turkish market.

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Kuveyt Türk Launches Its “Gold Corner” in Dubai

11.10.2011

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Kuveyt Türk Launches Its “Gold Corner” in Dubai

11.10.2011

     

Each month, Kuveyt Türk continues to add new services into its gold products range. Gold Corner, the first of its kind in Turkey – was nationally and internationally promoted with an event held in Dubai yesterday.

As the value of gold progressively rises worldwide, Kuveyt Türk Participation Bank introduces new gold-related products each month, and this month proudly debuts the Gold Corner (It delivers gram gold) – a pioneer in Turkey. Launched at the GITEX Fair in Dubai yesterday, Gold Corner will soon be in service, coming first to wedding halls and shopping malls.

 

The most vital goal is to return “under-the-mattress” savings to the economy

During a presentation at the fair, Mustafa Dereci, Marketing and Product Development Group Manager, stated that Kuveyt Türk offers a wide array of gold products, adding “we have a strong desire for ‘under-the-mattress’ savings to return to the economy. We have several ongoing projects in this respect. Our newest product is “Gold Corner” which will enter service soon."

 

Dereci explained that this technology – a first for Turkey – will enable customers to purchase physical gold twenty-four hours a day, seven days a week, and added that the new service is not currently provided by any other bank or jeweler in Turkey. Also he added, the customers, who gets gold from “Gold Corner”, will be able to deposit the gold at all Kuveyt Turk’s branches. Gold Corner will be available soon, firstly at wedding halls and shopping malls.

 
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Second Sukuk Issuance Of Kuveyt Turk Meets The Investors

07.10.2011

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Second Sukuk Issuance Of Kuveyt Turk Meets The Investors

07.10.2011

Following last year's first sukuk issuance in Turkey and Europe, Kuveyt Türk starts the investor meetings with natural and legal persons operating at abroad for the second sukuk transaction, in line with the new legislation.

To be issued by KT Sukuk Varlık Kiralama A.Ş., a Turkey-based asset leasing company established pursuant to the Communiqué on Lease Certificates of the Capital Markets Board (CMB), this will be the first 5-year-term sukuk transaction in Turkey.

Having concluded within last year a $100 million sukuk issuance, a first both in Turkey and Europe, Kuveyt Türk will ¬hold meetings in prominent financial centers in Asia, Gulf Region, and Europe to come together with the global investors for the second sukuk transaction. Fitch Ratings made a statement on this transaction for which Abu Dhabi Islamic Bank, HSBC, Liquidity Management House, and Standard Chartered Bank have been appointed as promoters and indicated that the planned issuance was expected to be rated with “BBB-“ in line with the rating of Kuveyt Türk. In addition to providing information on the structure of the targeted issuance, the statement also pointed out that the final rating will be announced upon the completion of the related documents. While “BBB-“, predicted by Fitch Ratings, indicates “investment” grade, Kuveyt Türk, currently assigned with the same rating, is at one level above the foreign-exchange rating of Turkey.

We aim to bring the long-term funds into the economy

Kuveyt Türk CEO Ufuk UYAN said, in his assessment, that, “Upon the interest shown to the first sukuk issuance we realized in 2010 and via the capital markets, Kuveyt Türk reached a significant point in preparatory works for a new issuance, in line with our target to bring the long-term funds into the Turkish economy. Following meetings to be held with global investors in financial centers, we aim to reinforce our leadership in this area with this second issuance planned to be realized pursuant to the new legislation.”

 
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Islamic Banking Briefing in Hungary, the Current EU Council Presidency Holder

21.06.2011

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Islamic Banking Briefing in Hungary, the Current EU Council Presidency Holder

21.06.2011

Holding the Presidency of the Council of the European Union, Hungary hosts “Cultural Diversity and Dialogue - Bridging Europe and the Arab & Muslim World” conference in the city of Eger.

Kuveyt Türk General Manager Ufuk Uyan gave a presentation about Islamic Banking to the attendees of the “Cultural Diversity and Dialogue - Bridging Europe and the Arab & Muslim World” conference. In the “Interest-Free Banking Model’s Solid Foundations” themed presentation, Uyan also provided insight into the reasons for the economic crisis.

Many prominent names of the European Union’s (EU) financial and political scene attended the conference, hosted by Dr. Zsolt Semjen, Deputy Prime Minister of Hungary, Dr. Janos Jovari, Deputy Foreign Minister of Hungary, and Laszlo Habis, Mayor of Eger.

Uyan reminded attendees about Kuveyt Türk’s presentations held in various EU member countries last year, at the time of their issuance of Sukuk bonds for long-term financing, underlining their importance in introducing the concept of interest-free banking to EU political leaders and businessmen. Uyan especially stated that “Islamic banking’s restrictions on trading financially engineered products, such as speculative and fictitious derivatives, and sale of debt prevent overindebtness and enable Islamic banking to withstand economic crises.”

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Kuveyt Turk now associate of London Bullion Market Association

09.05.2011

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Kuveyt Turk now associate of London Bullion Market Association

09.05.2011

Demonstrating its firm resolution to be a top player in the global gold market, Kuveyt Turk Katılım Bank becomes the first and only bank in Turkey to be associate to the London Bullion Market Association.

Kuveyt Turk has made a bold move to boost its position in the gold banking industry by becoming an associate of the prestigious London Bullion Market Association (LBMA). LBMA Chief Executive Stewart Murray presented an Associate certificate to Murat Çetinkaya, Deputy General Manager of Kuveyt Turk, on a visit to Turkey last week. The move confirmed Kuveyt Turk’s undeniable role in the bullion market, said Mr Murray, adding that it was a pleasure to be able to confer associate status on the bank. “Kuveyt Turk is one of the most impressive banks in the Turkish gold market. The London Bullion Market Assocation is now in a better position to gain an insight into the Turkish market and follow developments in Turkey, whose role in the gold market is indisputable.”

Mr Çetinkaya said that only leading banks, businesses, gold manufacturers, producer jewelers and stock exchanges are admitted as associates to the LBMA, which is one of the most influential institutions in the bullion market. “In line with our target to be a major player in the field of gold banking, not only in the Turkish market but also in global markets, we will engage in activities through the LBMA”. He stated that the LBMA performs different tasks, such as the coordination of markets, settlements and deliveries, custodian services for bullions and the issue of bulletins, as well setting applicable standards for the industry.

Mr Cetinkaya went on: “At Kuveyt Turk, we offer services in the gold and bullion market to a wide range of customers, from individual to corporate investors, and always strive to create new products and new services in the face of our clients’ ever-evolving and diversified needs. This time it is the London Bullion Market Association that has been added to our contact network involving global financial institutions, refineries and other business partners.”

Underlining the fact that Kuveyt Turk is one of the most active members in the Istanbul Gold Exchange in Turkey, Mr Cetinkaya referred to its strong relations with prominent banks and bullion refineries in the global gold banking world. He emphasized that Kuveyt Turk’s LBMA associate status is further evidence of the bank’s effective role amongst a global league of major players.

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Kuveyt Türk’s net profit reaches 206 million TL in the first half of 2015

07.08.2015

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Kuveyt Türk’s net profit reaches 206 million TL in the first half of 2015

07.08.2015

Operating in the participation banking sector for more than 25 years with its robust shareholding structure and strong capital base, Kuveyt Türk released its profitability data for the first half of 2015. Kuveyt Türk has increased its net profit to TL 206 million in first half of 2015 with an increase by 17.5 percent as compared to the same period last year.

Kuveyt Turk’s total assets have reached TL 39 billion 661 million increasing by 16.6 percent and its shareholders equity has reached TL 3 billion 192 million TL increasing by 5.6 percent in the first half of 2015 as compared to the figures as of the end of 2014. Its collected fund have reached 25 billion 913 million TL increasing by 17 percent and the funds made available by Kuveyt Türk have reached 25 billion 609 million TL increasing by 20.3 percent in the same period.

Stating that they have taken strong steps for the sake of stable growth in the first half of 2015, Mr. Ufuk Uyan, the CEO of Kuveyt Türk added, “It is one of our most striking business targets to offer services through participation banking business model both in Turkey and abroad. We have taken the first step toward this goal through recent opening of KT Bank AG, a hundred percent subsidiary of Kuveyt Türk. Initially, we have opened branch offices in Frankfurt, Berlin and Mannheim in Germany and we will expand our network of branch offices into the other major German cities like Cologne, Dusseldorf/Essen and Munich soon. Germany which we consider as a door into Europe will be followed by other European countries with our participation banking product and services.” Uyan, also underlined that they continued to develop products and services for variety of resources in 2015.

 
 
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Kuveyt Turk to expand to Central Europe from Germany

21.07.2015

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Kuveyt Turk to expand to Central Europe from Germany

21.07.2015

Kuveyt Turk Participation Bank began operations in Germany. KT Bank AG, a wholly-owned subsidiary of Kuveyt Turk, opened its first branch in Frankfurt to provide complete banking services to European clients The first branch in Frankfurt aims to serve 4 million Europeans, becoming the first participation bank based in Germany.

Kuveyt Turk became the first participation bank to obtain a full banking license in Germany. Kuveyt Turk Bank AG provides complete banking services to clients, including savings accounts and loans, and now offers interest-free financial services to European clients. Attending the opening ceremony held at the KT Bank AG headquarters in Frankfurt am Main on July 21st were Kuveyt Turk Managing Director Ufuk Uyan and executives of the bank as well as Kuwait Finance House (KFH) Chairperson Hamad Almarzouq and CEO Mazin Alnahedh.

Speaking at the ceremony, Kuveyt Turk Managing Director Ufuk Uyan said that as an institution providing international banking services, they were excited to introduce participation banking to Germany as the strategic focal point in and a gateway to the European continent. Uyan explained that the participation banking industry achieved impressive growth rates worldwide recently, and they took initiative on the demand from Germany, continuing:

“We will offer participation banking services to 4 million potential clients, two-thirds of whom are ethnic Turks. We will provide products and services that are compliant with participation banking principles, and will strive to improve and innovate on our services depending on client expectations. Our target for KT Bank in Germany is to become the financial institution of first choice. We regard KT Bank AG as a gateway and a hub that opens to continental Europe. This is the European hub of participation banking for us. We plan to introduce interest-free banking to Europe as a whole, and quickly expand our services to become an institution of choice. We will provide the products and services that are required by clients not just in Germany, but across continental Europe as a whole."

KT Bank AG introduces the globally-recognized interest-free banking business model to Germany, providing an impressive range of interest-free products and services. The inaugural branches are in Frankfurt, Berlin and Mannheim, and there are short-term plans for additional branches in Cologne, Düsseldorf / Essen and Munich. After establishing a network of branches across major cities in Germany, Kuveyt Turk will expand into Central Europe. KT Bank AG predicts that they will be managing over 10,000 accounts by the end of 2015, attracting deposits totaling EUR 121 million and achieving an asset size of EUR 154 million.

KT Bank AG's Frankfurt branch will be operated by a team of six including the branch manager. Gürbüz Gündüz will join KT Bank AG as the Frankfurt Branch Manager after a prosperous career managing the Frankfurt and Ankara branches of Ziraat Bank, the Turkmen Turkish Joint Stock Commercial Bank, and Kazakhstan Ziraat International Bank.

 
 
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Each transaction using Kuveyt Türk credit and debit cards become a “Support for Hope”

25.06.2015

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Each transaction using Kuveyt Türk credit and debit cards become a “Support for Hope”

25.06.2015

Supporting the projects aiming at meeting the social needs with its awareness of social responsibility toward the people and community, Kuveyt Türk continues to be a hope for children with cancer and their families. Running a campaign in every April as part of the “Support for Hope” project launched in close cooperation with the Hope Foundation for Children with Cancer (KAÇUV), Kuveyt Türk has collected donation of 720 thousand TL in 3 years.

Announcing that it shall donate 1 TL per transaction using credit and debit cards between 23-30 April 2015, Kuveyt Türk has donated a total of 362 thousand TL for the Family Home for the benefit of the children with cancer and their families.

Aslan Demir, Executive Vice President in charge of Strategy at Kuveyt Türk said, “With the donations we have made so far, we have aimed at laying the foundation for a second Family Home where the children with cancer and their families can stay totally free of charge during their treatment. This year, we have donated more than our expectations through the campaign launched for the same purpose. On this very occasion, we express our sincere gratitude to our clients for their sensitiveness during the campaign.”

Since 2013, Kuveyt Türk continues to support the children with cancer and families as part of the Support for Hope Project by donating 1 TL per transaction using Altın Kart, Sale Plus Credit Card, Ihtiyac Kart, Business Kart, Business Plus Kart, Nakit Plus, Seyyah Kart and Palmiye Kart.

 
 
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Kuveyt Türk goes public for its Sukuk Certificates

23.06.2015

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Kuveyt Türk goes public for its Sukuk Certificates

23.06.2015

Kuveyt Türk will issue lease certificates (sukuk) for a total of TL 800 million through the end of 2015 in an effort to continue the diversification of its sources of funding. Extending its expertise in the sukuk market into Turkey in 2015, Kuveyt Türk will issue lease certificates both through a private placement to qualified investors as well as through a public offering as part of its program which has an issue cap of TL 1 billion as granted by the CMB in June 2015. With the book building process taking place on 24, 25 and 26 June, Kuveyt Türk is planning to issue on this occasion sukuk in the amount of 200 million Turkish Liras for a maturity of 189 days.

Stating that the lease certificate market has not yet attained the desired level but that it is anticipated to be broadened and gain more volume through public offerings, Mr. Ufuk Uyan, the CEO of Kuveyt Türk, said “We expect more demand for lease certificates pursuant to the changes to the structure of fund and portfolio management companies anticipated in the second half of 2015. Moreover, with the continuing growth of funds managed by pension fund (BES) companies such as Katilim Emeklilik, an interest-free pension fund business, we estimate that the demand for the issuance of lease certificates will grow even further.”

Mr. Uyan went on to say: The interest shown by investors in our initial public offering of TL 150 million in 2013 and the multiple issuances to qualified investors for a total sum of TL 1 billion between 2014-2015, show promise for a growth in future issues, requiring us to further heighten our targets. Currently, a total of TL 3,5 billion Kuveyt Turk lease certificates are traded in the market in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira. We intend to continue the introduction of the benefits of lease certificates in the market throughout the year via public offering as well as private placements to qualified investors.”

 
 
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Kuveyt Türk launches debit card with interest-free additional limit

06.04.2015

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Kuveyt Türk launches debit card with interest-free additional limit

6 April 2015

Diversifying and extending its product range with its consumer-friendly and innovative product understanding in the participation banking, Kuveyt Türk has introduced to its clients the “Gold Card” designed in accordance with the participation banking principles and providing the clients with interest-free additional limit without putting them under financial burden.

A customized version of debit cards, the Gold Card enables the holders to spend over POS even if they are overdraft by providing them with additional limit. An innovative product in the participation banking, the Gold Card offers that additional limit up to 2 thousand TL and for a maturity of up to 30 days. Furthermore, clients are informed by sending account statements monthly by SMS or email.

A golden-hearted card and not a credit card

Stating that the debit cards with additional limits are being introduced to the market recently and that they are aiming at showing a strong presence with the Gold Card in this arena, Mr. Mehmet Oral, Asst. Managing Director in Charge of Retail Banking at Kuveyt Türk was quoted as saying:

"We, as Kuveyt Türk, attaching importance to the development of products and services which both satisfy the needs of our clients and also contribute to the economic targets of our country. Given the regulations concerning the use of credit cards and steps encouraging the savings, we believe that the Gold Card will fill an important gap in this respect. The Gold Card is not a credit card, to the contrary it is a consumer-friendly card offering additional limits for shopping even if the account balance is used up, in addition to traditional debit card features. This product of us is a golden-hearted card not putting our clients into financial burden and providing them shopping possibility even if they run out of cash.

Gold point in shopping using Gold Card

The holders of Gold Card win gold points in shopping using Gold Card. Gold points are given as gift as 0,35 percent in shopping using the balance in the account and 0,1 percent in case of using additional limit. When the total sum of points accumulated in the gold point account of the clients reaches 10 TL, it is converted to gram gold and as such reflected in the account.

 
 
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KT Bank AG, Kuveyt Turk's German subsdiary is granted for the licence to launch its operations

23.03.2015

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KT Bank AG, Kuveyt Turk's German subsdiary is granted for the licence to launch its operations

23 March 2015

Kuveyt Türk Participation Bank has been licensed by the Federal Financial Supervisory Authority (Bafin) to offer banking services in Germany. Thus, the first bank based on an interest-free business model is licensed in Germany

 

Kuveyt Türk has obtained its license from the Financial Supervisory Authority (Bafin) to provide fully-fledged banking services in Germany according to the interest-free banking principles. Kuveyt Türk is the first participation bank that has been fully licensed to operate its deposit and loan business in Germany. With this license, Kuveyt Türk is the pioneer that introduces the interest-free banking model in Germany.

 

KT Bank AG with headquarters in Frankfurt am Main and as a 100 percent subsidiary of Kuveyt Türk Participation Bank, will start to offer its reliable, high-quality, fast and user-friendly services fromJuly 01, 2015 onwards. KT Bank AG will provide its private and commercial clients with products and services according to interest-free banking principles.

 

“KT Bank AG is an ethical, innovative and socially responsible bank”

Kuveyt Türk’s major shareholder Kuwait Finance House’s Chairman Hamad Abdulmohsen Al-Marzouq said “We support KT Bank AG in its mission to become the leading ethical, innovative and socially responsible participation bank”. Al-Marzouq further announced that the more than 4 million Muslims living in Germany are the prioritized target group, among all other potential business and retail clients who are interested in service quality and alternative business models.

 

Stating that they continue to grow in domestic and overseas markets as a company offering international banking services, the CEO of Kuveyt Türk Participation Bank A.Ş. Ufuk Uyan said “The participation banking market grows globally . We consider it as an important initiative and great innovation for Germany that a participation bank such as KT Bank AG has been licensed in Germany. We, who are well aware of the need for socially responsible banks, think that a huge market potential exists in Germany due to the outstanding international growth performance of the participation banking sector. With a comprehensive, regularly updated product and service portfolio consistent with our value system, we are confident that the KT Bank AG will be the first choice house bank in Germany in its category.”

 

KT Bank AG aims to enlarge its branch network

KT Bank’s management is jointly led by Kemal Ozan and Torsten Lüttich who have long-lasting banking experience and expertise in Turkey and in Germany.

 

Stating that they have performed all the regulatory requirements by obtaining the full-scale banking license in Germany, Mr. Kemal Ozan, the CEO of KT Bank AG, said “We are planning to make huge investments in the upcoming years. In this respect, we are aiming at building a portfolio of financial products consistent with the interest-free banking principles, enlarging our network of branch offices and reaching our clients through innovative and high-tech service channels.”

 

Following the obtaining of the license, KT Bank AG will actually start its initiative to extend its network of branch offices into major cities of Germany. The first piority of the bank is to offer a full-rangeproduct and services portfolio that reflects the universal interest-free banking principles.

 

For more information about KT Bank AG, please visit www.kt-bank.de.

 
 
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Kuveyt Türk closes the year 2014 with a net profit of 370,5 million TL

24.02.2015

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Kuveyt Türk closes the year 2014 with a net profit of 370,5 million TL

24 February 2015

Kuveyt Türk closed the year 2014 with a net profit to TL 370,5 million with an increase by 23,3 percent compared to the previous year. Kuveyt Turk’s total assets have reached 34,8 billion increasing by 31,3 percent and its shareholders equity has reached 3,2 billion TL increasing by 31,3 percent as of the end of 2014 as compared to the figures as of the end of 2013. Its collected funds have reached 22,1 billion TL increasing by 30,0 percent and the funds made available by Kuveyt Türk have reached 21,2 billion TL increasing by 27,9 percent in the same period.

 

“We will focus on SME banking in 2015”

 

Stating that they are pleased that the last year’s growth figures outperformed the planned targets, Mr. Ufuk Uyan, the GEO of Kuveyt Türk, said:

 

“We have closed the year with an outstanding success by achieving figures in excess of the sector average in terms of growth and profitability as of the end of the year. Following that success Kuveyt Türk has taken a position to meet the needs of tradesmen, micro businesses, small and medium size enterprises by assuming important functions in meeting the needs of the real economy and focusing on the areas where we are the strongest especially SME banking in 2015.”

 

Stating that the year 2015 will be very dynamic and financially active with currency risks due to the FED interest rate increase, Mr. Uyan emphasized that Kuveyt Türk will support its clients with hedging products and services and continue to offer its clients with resources such as Eximbank and export financing and the products such as forwards. “Kuveyt Türk will introduce new innovative products and services and our R&D center which has upgraded our prestige in 2014 will continue its innovative studies.”

 
 
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Kuveyt Türk Lowers Its Profit Rates In House And Car Financing

03.02.2015

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Kuveyt Türk Lowers Its Profit Rates In House And Car Financing

20.11.2014

Kuveyt Türk launches a new campaign offering a profit rate of 0,81 percent for house financing and 0,94 percent for car financing.

As usual, Kuveyt Türk offers best suiting financing support for the needs of its clients. With the new campaign where house and car financing rates have been starting from 0,81 percent and 0,94 percent, respectively, Kuveyt Türk offers advantageous options for those who are willing to own a house or car.

While offering repayment terms of 12, 24, 36 and 48 months to those who are willing to buy a new car enjoying lower profit rates, Kuveyt Türk provides advantageous financing support as low as 0,94 percent for a repayment term of 24 month. Repayment schemes in case of house financing include the profit rates of 0,81 percent for 36 months, 0,83 percent for 60 months and 0,86 percent for 120 months. Those who purchase car and life insurance policies from Kuveyt Türk may enjoy lower rates of financing as part of this campaign.

Using the online calculation chart, Kuveyt Türk enables its clients to search for the best profit rates and repayment schemes for them. For more information and inquiries please visit nearest Kuveyt Türk branch office or dial Kuveyt Türk Call Center (444 0 123 / 0850 251 0 123).

 
 
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Kuveyt Türk R&D Center wins Innovation Award

20.11.2014

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Kuveyt Türk R&D Center wins Innovation Award

20.11.2014

With a 25-year history in Turkey’s participation banking sector,Kuveyt Türk was awarded for its work in R&D and innovation in the Banking and Finance Industry category at the 3rd Private Sector R&D Centers Summit

Kuveyt Türk Participation Bank was voted the winner of the Innovation Award among 164 research and development centers in the summit themed “Development through R&D and Innovation” staged in Ankara. Kuveyt Türk was represented at the award ceremony by the bank’s Information Technologies Group Manager Mücahit Gündebahar. In his ceremonial remarks on the award, Gündebahar said, “The Kuveyt Türk R&D Center has been a focus of praise in both Turkey and international circles for its recent innovative projects in the banking industry. We are greatly happy to be deemed worthy of this award at this valuable summit today. I’m grateful to our entire R&D Center staff for their efforts. I’d also like to extend my thanks to all of our partners and consultants for their contribution.”

Highlighting the importance of R&D investments in boosting Turkey’s prestige in the global economy and driving development, Gündebahar went on to say, “Looking at the distribution of active R&D centers by sector, we see that the share of the banking and finance industry is 2 percent. There’s still plenty of work to be done in this field. We at Kuveyt Türk will keep contributing to our industry.”

The awards are intended to mobilize Turkey’s potential for innovation in pace with the significant steps taken toward Turkey’s vision for the year 2023. They also serve as an incentive in R&D and entrepreneurialism for businesses engaged in the manufacture of high-tech and high-value-added products.

 
 
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Kuveyt Türk wins Bonds & Loans’ “Best Islamic Capital Markets Deal” award

20.11.2014

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Kuveyt Türk wins Bonds & Loans’ “Best Islamic Capital Markets Deal” award

20.11.2014

A veteran of 25 years in Turkey’s participation banking sector, Kuveyt Türk was conferred Bonds & Loans’ “Best Islamic Capital Market Deal” award, one of the most important in the Turkish capital markets industry. Held in Istanbul for the first time this year, the award ceremony was hosted by Global Financial Conferences, known for their prestigious events in the world of finance and investment, at the waterside mansion Esma Sultan Yalısı along the Bosphorus.

Kuveyt Türk was nominated for its June 2014 issue of lease certificates (sukuk) worth USD500M, the sector’s new benchmark transaction, In the Bonds & Loans Turkey 2014 event where the competition included top organizations of the finance industry. Although priced at a competitive return rate, the issue drew 6.5 times as great a demand from avidly interested international investors from the Gulf Region, Europe, and Asia which numbered more than 170 in all. The sale broke down to the Gulf Region by 45%, the UK 20%, Asia 17%, Switzerland 12%, other European countries 5%, and other countries 1%, which was a sign of the effective diversification of Kuveyt Türk’s investor base. Traded on secondary markets at greater liquidity and narrower margins compared to its counterparts, this lease certificate stood out for being a new index for international issues originating from Turkey.

The Kuveyt Türk Participation Bank was represented at the award ceremony by Dr. R. Ahmet Albayrak, Executive Vice President. Dr. R. Ahmet Albayrak received the award on behalf of Kuveyt Turk, saying, “We’re greatly happy to be deemed worthy of this award. I’d like to say thank-you to all of our partners and consultants for their contributions in carrying out the transaction that brought us this award.”

Significant gala for the Turkish capital market

Deputy Prime Minister Ali Babacan delivered the opening remarks by video at the award ceremony which brought Turkey’s leading businessmen together to discuss the key developments in the industry. Noting that the Turkish capital market had registered an impressive growth since 2008, Babacan also touched upon the steps the government took for the purpose of supporting the market.

 
 
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Kuveyt Turk’s 2014 Q3 profit grows 20% to reach TL284m

13.11.2014

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Kuveyt Turk’s 2014 Q3 profit grows 20% to reach TL284m

13.11.2014

Completing its 25th year in Turkey’s participation banking sector, Kuveyt Turk displayed yet greater momentum in its successful year-long performance as 2014 draws to a close. Kuveyt Turk’s net profit in the third quarter of 2014 grew 20% year on year to reach TL284 million.

Kuveyt Turk increased its total assets to TL 32.768 billion in the third quarter of 2014 with a 27% rise with respect to the end of 2013 as its equity grew 28% to TL2.948 billion. Fund collected grew 26% to TL21.518 billion during the same time frame while loans and receivables applied climbed 27% to TL 21.165 billion.

Nothing that they had maintained their year-long stable and strong growth as the end of the year approached, Kuveyt Turk CEO Ufuk Uyan said, “ Kuveyt Turk has raised the number of its branches to 300 (included Bahrain and Dubai branches) and its employees to 5048 as of today (13.11.2014). We are confident that we’ll keep our position of leadership in the sector in the coming year by means of our sound banking operations and continue providing strong support to the country’s economy.”

 
 
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Kuveyt Turk completes highest sukuk issue in TL

09.10.2014

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Kuveyt Turk completes highest sukuk issue in TL

09.10.2014

Kuveyt Turk has performed the issue of Sukuk (rent certificate) denominated in TL with the highest amount ever sold in a single transaction to domestic investor using together the financial leasing assets, Treasury rent certificate and commodity murabaha contained in its portfolio.

Kuveyt Turk has performed the Sukuk issue with the highest amount ever sold to the qualified domestic investor. As part of the sukuk issue that has taken place at a time when markets are highly fluctuating, Kuveyt Turk raised resources at a competitive cost and further strengthened its strong position in Sukuk market achieving a yield rate of 9,16 percent p.a. for its 91-day issue and 9,95 percent p.a. in its 175-day issue.

Enjoying remarkable demand from portfolio management companies, investment companies and mutual funds as well as qualified individual clients, Kuveyt Turk has sold 150 million TL sukuk exercising its additional sales right as part of the deal.

Kuveyt Türk’s Geo Mr. Ufuk UYAN was quoted as saying as regards the high demand received for Sukuk issuance: “We have led the way successfully believing that pioneering is only possible with innovation. We have performed that issue through a structure used for the first time in the domestic market. Accordingly, we have performed a rent certificate issue denominated in Turkish Lira, using together the financial leasing assets, Treasury Rent Certificate and commodity murabaha for the first time. Investors have once again displayed their confidence toward Kuveyt Türk and their appetite for taking the risk of Kuveyt Türk for any maturities. We will contribute to the development of the participation banking aiming at more and more successful domestic and international Sukuk issues at each time.”

Commenting on the issues performed by Turkish banking sector, Dr. R. Ahmet ALBAYRAK, the Deputy Managing Director in charge of Corporate & Investment & International Banking and Treasury said “As we compare our issue to the developments in the sector, it is evident that our deal with a maturity of 175 days has been carried out with an additional yield of 61 points over the indicative rates while our deal of 91 days remains even below the indicative rates. Our sukuk deal has been widely attracted by qualified domestic investors and promised growth for future issues. Kuveyt Turk will continue its rent certificate issues during the forthcoming periods as part of its issue ceiling of 1 billion TL.”.

 
 
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Kuveyt Türk enjoys net profit of TL 175 million in first half of 2014 increasing by 20 percent

08.08.2014

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Kuveyt Türk enjoys net profit of TL 175 million in first half of 2014 increasing by 20 percent

08.08.2014

al-marzouq

Kuveyt Türk Participation Bank continues to strengthen and fortify its position in the sector with its stable and strong track of growth it its 25th year in Turkey. Kuveyt Türk has increased its net profit to TL 175 million in first half of 2014 with an increase by 20 percent compared to the same period of the previous year.

Kuveyt Turk’s total assets have reached TL 30 billion 511 million increasing by 18 percent and its shareholders equity has reached TL 2 billion 854 million TL increasing by 24 percent in the first half of 2014 as compared to the figures as of the end of 2013. Its collected funds have reached TL 19 billion 637 million increasing by 15 percent and the funds made available by Kuveyt Türk have reached TL 18 billion 895 million increasing by 13.5 percent in the same period.

Stating that the strong growth stemming from the robust banking understanding has continued also during the first half of 2014, Mr. Ufuk Uyan, the CEO of Kuveyt Türk is quoted as saying, “We, as Kuveyt Türk, introduce innovative products and services pioneering in the market, and we take robust steps toward our future targets. Increase in the share capital and the profits are the most important indicators that our bank has performed a stable and strong growth. As of today, we are a bank which has 287 branch offices and 4867 employees. We will continue to take steps to add further value to our sector also in the second half of our 25th year in Turkey.”

 
 
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Al-Marzouq: KFH Posts Net Profit of KD 54.5 mln (USD 193.5 mln) in H1 2014

23.07.2014

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Al-Marzouq: KFH Posts Net Profit of KD 54.5 mln (USD 193.5 mln) in H1 2014

23.07.2014

al-marzouq

 

 

 

Kuwait Finance House (KFH) Chairman Hamad Al-Marzouq stated that KFH, by the Grace of Allah and His Blessing, has achieved a gross profit of KD 144.032 million (USD 510.887 mln) for the First Half of 2014, and net profit for shareholders was KD 54.568 million (USD 193.555 mln) with an increase of 10% over the same period last year.

Total Assets increased by 11 % over the same period last year to reach KD 16.7 billion (USD 59.3 bln), an increase of KD 1.6 billion (USD 5.7 bln).

Total deposits reached KD 10.7 billion, (USD 38.1 bln) an increase of KD 412 million (USD 1.5 bln), or 4% over the same period last year.

Shareholders’ equity reached KD 1.7 bln (USD 6.1 bln), an increase of KD 59 mln (USD 209 mln), or 4% over the same period last year.

 
 
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Kuveyt Türk’s US Dollar Sukuk Issuance Receives High Demand

26.06.2014

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Kuveyt Türk’s US Dollar Sukuk Issuance Receives High Demand

26.06.2014

Kuveyt Türk Participation Bank has issued a five-year benchmark Sukuk of $500 million.

Kuveyt Türk, the largest participation bank in Turkey in terms of total assets, has today announced the issuance of a five-year USD denomination Reg S Sukuk. The total amount of the issuance was $500 million with a return rate of 5.162 percent while total demand rose over six-fold due to high investor interest despite the competitive pricing. The issuance drew great interest from international investors in Europe and Asia as well as the Middle East, receiving orders from over 170 accounts, a clear indication of Kuveyt Türk’s well-diversified investor base. The closing of the order books provided for a 45% allocation to Middle East investors and 55% to other international investors comprising 20% UK, 17% Asia, 12% Switzerland, 5% Europe and 1% other international accounts.

Commenting on the transaction, Mr. Ufuk UYAN, the CEO of Kuveyt Türk, said “We are extremely pleased with the level and wide geographical diversity of demand for Kuveyt Türk’s third international issuance of Sukuk certificates. The certificates are likely to be more liquid as compared to those issued previously and set a new benchmark for Sukuk offerings out of Turkey. As with prior issuances, international investors have reiterated their confidence and medium to long term risk appetite in Kuveyt Türk and Turkey. The continued support and development of the participation banking sector in Turkey has been instrumental in making such international Sukuk issuances a great success.”

Emphasizing the importance of Sukuk instruments for the further development of longer term funding alternatives in the Turkish participation banking sector, Dr. R. Ahmet ALBAYRAK, Executive Vice President of International & Corporate Banking, stated that “The issuance is very much in line with our growth objectives in the medium to long term funding space for quality corporates and project finance in Turkey. The solution based structuring approach by our Corporate & Investment Banking Divisions has gained much traction among Kuveyt Türk’s existing and new corporate customers. More regular issuances of Sukuk in the future will certainly complement this growth. ” Mr. ALBAYRAK further noted that the appointment of Kuwait Finance House Investment Company as the Sole Global Coordinator for the issuance provided the transaction with international strategic oversight as well as ensuring a smooth and timely execution.

Kuwait Türk had appointed Citigroup, Emirates NBD Capital, HSBC, Kuwait Finance House Investment Co. and Standard Chartered Bank as Joint Lead Managers / Book Runners; ADIB, DIB & QNB Capital LLC as the Joint Lead Managers; and Commercial Bank International PSC, QInvest LLC as Co-Managers.

 
 
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Ortaköy Mosque Restoration Has Been Completed

06.06.2014

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Ortaköy Mosque Restoration Has Been Completed

06.06.2014

 
 

Great Mecidiye Mosque, located by the sea at Ortakoy district of Istanbul, has just opened for service after the restoration works started in 2011 and sponsored by Kuveyt Turk Participation Bank were completed in cooperation with the General Directorate of Foundations. A spokesman for Kuveyt Turk commented as follows: “We are happy to see Great Mecidiye Mosque in Ortakoy reopening for service after it has been restored with contribution from us, which we provided to preserve its historical and cultural heritage and to hand over it to the future generations. “

ihtiyac kart

One of the pioneers of participation banking in Turkey, Kuveyt Turk added another special one to the projects it supported to preserve historical and cultural heritage and to hand over social values to the future generations. Restoration works were managed by the General Directorate of Foundations and by Kuveyt Turk Participation Bank and built by Gur Yapi, so that the restoration works meticulously performed since 2011 at Great Mecidiye Mosque in Ortakoy were completed.

A ceremony was organized for reopening of Great Mecidiye Mosque for service in the presence of Prime Minister Recep Tayyip Erdogan, Managing Director of Foundations Adnan Ertem, Energy and Natural Resources Minister Taner Yildiz, Minister of Religious Affairs Mehmet Gormez, Istanbul Governer Huseyin Avni Mutlu, Istanbul Metropolitan Municipality Mayor Kadir Topbas, AK Party Istanbul Provincial Chairman Aziz Babuscu, AK Party Istanbul Deputy Egemen Bagis, Besiktas Mayor Murat Hazinedar, Vice Chairman of the Board of Kuveyt Turk Abdullah Tivnikli, CEO of Kuveyt Turk Ufuk Uyan, other top management executives of Kuveyt Turk, and guests invited. Started after the Friday ritual prayer was performed, the ceremony attracted a large number of spectators too.

Prime Minister Recep Tayyip Erdogan, in his speech at the opening, thanked to Kuveyt Turk, because of its support for the process of Ortakoy Mosque restoration.

One of the most precious monuments that shape the identity of Istanbul …

Ufuk Uyan CEO of Kuveyt Turk commented after the ceremony: “Kuveyt Turk contributes to development of this country and this industry on the one hand, and realizes precious social responsibility projects in the light of our strongly anchored values on the other hand. We aim to preserve our historical and cultural heritage in order to leave to the future generations a society whose values have been preserved intact.”

Uyan explained that after supporting the restoration works for Saliha Sultan Fountain in Azapkapi district of Istanbul and Kozahan Fountain in Bursa, Kuveyt Turk is very happy to have supported the restoration of Great Mecidiye Mosque in Ortakoy district of Istanbul, adding: “Great Mecidiye Mosque occupies a very special position among the historical monuments that shape the identity of Istanbul. This bank is very happy to have contributed in survival of this mosque housing the spiritual traces of both the ages it bore witness and the respected people who had come here to pray.”

Explaining that Great Mecidiye Mosque was restored with utmost care in harmony with its historic texture, Uyan added: “Istanbul is a very important urban center, one of the leading emerging cities in the world. It is our greatest responsibility now to preserve the symbolic structures of this city, the traces of our history. Kuveyt Turk is happy to achieve the task it undertakes as part of this responsibility.”

Further information for Restoration Of Ortaköy Mosque click here.

 
 
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Kuveyt Türk’s Humanitarian Aid to Soma Victims

22.05.2014

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Kuveyt Türk’s Humanitarian Aid to Soma Victims

22.05.2014

 


Kuveyt Türk Katılım Bankası A.Ş, has donated 1 million TL to the families and survivors of the Soma coal-mine disaster in an effort to alleviate their pains as part of the decision of the senior management.

Kuveyt Türk’s donation shall be provided to the people in need through Turkish AFAD (Disaster and Emergency Management Presidency). Also launched an aid campaign among its employees, Kuveyt Türk shall also transfer to Soma victims any sums to be donated through such campaign.

 

   
 
 
 
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Kuveyt Turk Offers Special Card for Actual Needs

21.05.2014

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Kuveyt Turk Offers Special Card for Actual Needs

21.05.2014

 


Diversifying and extending the scope of services in participation banking sector through its fast and sophisticated service understanding, Kuveyt Turk now offers the “İhtiyaç Kart (Consumption Card)” as an alternative to the consumer loan. Thanks to the İhtiyaç Kart designed in accordance with the participation banking principles, Kuveyt Türk offers the opportunity to make payments with installments up to 36 months for the short term spendings such as marriage, home renovation, holiday, healthcare expenses.

A first in Turkey, İhtiyaç Kart offers the advantage of making payments with installments ranging from 6 to 36 months. The holders of İhtiyaç Kart are able to use the consumer loan in the form of the card within 3 months, take the advantage of cash payment rebates and make the payment with the number of installments of their choice over the reduced sales price.

İhtiyaç Kart specially designed for actual needs can be used at any retail stores at home or abroad. Applications for obtaining an İhtiyaç Kart may be made online at www.ihtiyackart.com.tr or through Kuveyt Türk branch offices.

About Kuveyt Türk:

Kuveyt Türk has, since its foundation, adopted as its principles to be painstaking in interest-free banking system, research in the field of investment, offer modern, stable, reliable, high-quality and quick service to savings holders and businessmen, and provide its staff with ongoing training for the purpose of increasing their productivity. Kuveyt Turk is proud of being capable of bringing quick and high-quality service to savings holders and investors through its branches and correspondents at home and abroad by means of any and all the state-of-the-art technological means.

 

   
 
 
 
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Kuveyt Türk Enjoys Net Profit of TL 80 Million in First Quarter of 2014 Increasing by 57.67%

08.05.2014

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Kuveyt Türk Enjoys Net Profit of TL 80 Million in First Quarter of 2014 Increasing by 57.67%

08.05.2014

 


Celebrating its 25th anniversary in participation banking sector in Turkey, Kuveyt Türk continues its stable growth. Kuveyt Türk has increased its net profit to TL 80 million in first quarter of 2014 with an increase by 57.67% compared to the same period of the previous year.

Kuveyt Turk’s total assets have reached 27 billion 748 million TL increasing by 7.16 percent and its shareholders equity has reached 2 billion 385 million TL increasing by 3.59 percent in the first quarter of 2014 as compared to the figures as of the end of 2013. Its collected fund have reached 18 billion 524 million TL increasing by 8.77 percent and the funds made available by Kuveyt Türk have reached 17 billion 663 million TL increasing by 6.14 percent in the same period.

Kuveyt Turk CEO Mr. Ufuk Uyan mentioned that; Kuveyt Turk will continue its stable and strong growth. In the first quarter of 2014 with the “sound banking” business model, Kuveyt Türk has 278 branch offices and 4180 employees for the time being.”

 

 

   
 
 
 
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Kuwait Turk Introduced Turkish Companies to Investors at Property Forum

30.04.2014

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Kuwait Turk Introduced Turkish Companies to Investors at Property Forum

30.04.2014

Minister of Finance Mehmet Simsek Attended Kuwait Property Forum

 


Celebrating its 25th anniversary in Turkey and continuing to grow in the participation banking sector, Kuwait Turk hosted several Turkish real estate companies at Kuwait Property Forum, an event promoting some of the most prestigious real estate projects in Turkey. Visited by the Minister of Finance Mehmet Simsek, this forum was attended by Kuwait Turk providing financial support for foreign investors, its parent company Kuwait Finance House, and its affiliates Turkapital and Iskan Gayrimenkul.

 

 

“Kuwait Turk Contributed to Strengthening of The Relations Between the Gulf Area and Turkey” Delivering a speech at the Kuwait Property Forum, Minister of Finance Mehmet Simsek said that Kuwait Turk plays an important role in the economic development of this country and has been a major player in the Turkish banking sector in the last 25 years, adding “Kuwait Turk overcame the foreign currency crisis suffered in the 1990s and contributed to strengthening of the relations between the Gulf Area and Turkey. Kuwait Turkey was started in Turkey with a capital of US$ 10 million, now the assets it controls are valued at US$ 1 billion”.

Emphasizing that Turkey welcomes the Kuwaiti investors, Mehmet Simsek finished his speech as follows: “I would like to thank the people involved in the organization of this important forum for gathering private sector investors from the both countries.”

Turkish real estate sector presents considerable opportunities for foreign investors

Ufuk Uyan, Managing Director Kuwait Turk, expressing his views on the macroeconomic position of Turkey and on Kuwait Turk, said the Turkish economy underwent a significant transformation to grow in the last 10 years. He also made comments on the real estate sector and investment opportunities, adding that “Turkish real estate sector grows fast and provides considerable opportunities for foreign investors. Kuwait Turk believes to have provided a platform with this forum to introduce Turkish companies to foreign investors, to lead them to important business cooperation, and is happy to provide investors with financial support.”

Uyan explained that his bank lends loans to investors located in the Gulf Area for their real estate projects in Turkey, providing 50% down payment and repayable in installments in five years, adding that “the Special Banking Group established by Kuwait Turk will provide proactive services to all parties who are willing to invest in Turkey and to meet foreign investors for their projects.”

   
 
 
 
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Kuveyt Türk Enjoys a Net Profit of 300 Million TL as It Celebrates Its 25th Anniversary

19.02.2014

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Kuveyt Türk Enjoys a Net Profit of 300 Million TL as It Celebrates Its 25th Anniversary

19.02.2014

 

Maintaining its steady growth in interest-free banking sector, Kuveyt Türk has enjoyed a profit of 300 million TL as of the end of 2013 increasing its profit by 20 percent.

 
 


Total assets have reached 25.9 billion TL increasing by 37 percent, and the funds made available have reached 16.6 billion TL increasing by 32 percent. As of the end of 2013, the capital adequacy ratio has realized as 14.24, and the collected funs have reached 17.3 billion TL with an increase of 34 percent. 47 branch offices have been opened in 2013 totaling to 267 branch offices at home and abroad.

“Continue to grow by making profit...”

Stating that Kuveyt Türk as the pioneering bank in the sector has led the way for the sector and contributed to the growth of the sector, Mr. Ufuk Uyan, the GEO of Kuveyt Türk Participation Bank, has noted that they have added value to the Turkish economy with innovative initiatives such as sukuk and expressed their pleasure as they have pioneered not only its own sector but also the public and private sector with gold instruments offering a large number of alternatives which have been introduced as a reflection of customer-oriented banking services.

 

“Asset size of 30 billion TL in 25th anniversary”

Stating that they were aiming at achieving an asset size of 30 billion TL in 2014, Mr. Uyan went on to say, “We are aiming at reaching 320 branch offices in Turkey, opening branch offices in Qatar, and establishing a bank in Germany in 2014 when we will complete the 25th anniversary of our Bank. Besides, we also plan to issue sukuk in Ringgit or Dollar in Malaysia, another first in the banking sector. We will continue our services for the benefit of the small and medium size enterprises which have an important place in the foundation philosophy of participation banks and which represent the most important production and employment power of Turkish economy.

Stating that they would continue to introduce new products and services in the sector, Mr. Uyan said, “we are planning to increase the total number of XTM which offers both branch office and ATM services together as a new innovation in branchless banking to 50 by discovering suitable locations. We will continue to further improve such XTMs which serve like digital branch office”.


 
 
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Kuveyt Türk Has Signed Syndicated Club Murabaha Facility

30.12.2013

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Kuveyt Türk Has Signed Syndicated Club Murabaha Facility

30.12.2013

 

Continuing its stable growth, Kuveyt Türk has signed a new syndicated club murabaha facility for 275 million Dollars and 83 million Euros

 
 


Kuveyt Turk’s syndicated club murabaha facility consists of two separate tranches, one with a term of 1 year and the other with a term of 2 years. The syndicated club murabaha facility obtained at a rate of Libor+Euribor + 0.90% for the term of 1 year and Libor+Euribor + 1.25% for the term of 2 years has attracted participations by 12 global and regional banks from 9 countries. Expressing his pleasure upon the successful conclusion of the syndication deal by Kuveyt Türk, Mr. Ufuk Uyan, the CEO said that the transaction affirmed the strong position of Kuveyt Türk and Turkey’s prestige in the international arena.

Stating that while financial problems prevail especially in Europe, Turkey remains a focus of interest as an investment destination and that such interest is anticipated to further increase in, Mr. UYAN went on to say: “Kuveyt Türk’s Investment Banking division, has closed a TRL sukuk deal in November which was extremely well received and supported by investors. This deal was the the biggest ever sukuk issuance by a Turkish Bank as well as being most competitively priced. We will also continue to offer to the real sector by increasing overseas resources needed by Turkey on its growth path. I would like to express my gratitude to our business partner banks who have provided this syndicated club murabaha facility which we will use towards the financing of foreign trade.”

Mr. UYAN said, “The success of the deal is an indication of the power and extent of of Kuveyt Türk’s international correspondent network. 12 banks from Asian, European and Middle Eastern markets have participated in the deal that has been conducted in a very cost-efficient manner at a time when borrowing costs have tended to increase.”

The syndicated club murabaha facility arranged in two tranches of 1-year and 2-year terms for 275 million Dollars and 83 million Euro, in aggregate has been participated by the following Banks: Mandated Lead Arrangers: ABC Islamic Bank (E.C.), Abu Dhabi Commercial Bank PJSC, Citibank N.A., Emirates NBD Capital Limited, HSBC Amanah Malaysia Berhad, Kuwait Finance House (Bahrain) B.S.C.(c) and Standard Chartered Bank.

Stating that they will celebrate the 25th anniversary of their establishment in 2014, Mr. UYAN said that Kuveyt Turk will continue to meet the wider investment banking requirements of its corporate clients.


 
 
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Kuveyt Türk Gains 236,7 Million TL Profit For The First 9 Months

11.11.2013

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Kuveyt Türk Gains 236,7 Million TL Profit For The First 9 Months

06.08.2013

 

Kuveyt Türk Participation Bank reports a net profit of 236,7 Million TL for the first 9 months

 
 


Kuveyt Türk maintained its growth trend consistently for 2013 and reported a profit of 236.7 million TL for the first 9 months.

Total assets reached up to 23 Billion 625 Million TL increasing 25 % compared to the first 9 months of the previous year, while net assets reached up to 2 Billion 247 Million TL with 33% increase performance. Customers’ Deposits soared to 15 Billion 600 Million TL increasing 22 % and Loans and Receivables reached to 15 Billion 125 Million TL by increasing 27% compared to same period of last year.

Kuveyt Türk Participation Bank General Manager Ufuk Uyan mentioned about first 9 months period of Kuveyt Turk. Mr. Uyan said that “We are carrying on providing added value with our developed innovative and leading products for our Participation Banking field besides Kuveyt Türk”. Mr. Uyan emphasised on the fact that they are the fastest-growing bank of the sector with their innovative products. Mr. Uyan also said that: “As Kuveyt Türk breaking again new grounds, we will offer lease certificate (Sukuk) valued at 100 million TL and with 1-year maturity to the public. Issuance that is constituted in accordance with Participation Banking principles has the characteristics of a lease certificate with the highest amount in TL currency that is to be offered to the public".


 
 
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IIRA, Upgrades Kuveyt Turk’s Grade

03.11.2013

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IIRA, Upgrades Kuveyt Turk’s Grade

06.08.2013

 

Islamic International Rating Agency (IIRA), has upgraded the national scale ratings of Kuveyt Turk Paticipation Bank

 
 


Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Türk Participation Bank on both the short – term and long – term scale to AA - / A – 1 + (Double A minus / A – One Plus) from A + / A – 1 (A Plus / A – One) previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB / A-3 (Triple B/A- Three) and foreign currency assessment at BBB - /A-3 (triple B Minus / A – Three). Outlook on the ratings is “Stable”

The ratings draw on recent, continued business expansion, reinforced by fresh capital provided by the bank’s sponsors in 2013. Plans to further capitalize in 2014, also support the ratings upgrade and would supplement planned growth over future years.

 

 
 
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Kuveyt Türk posts 146 Million Turkish Lira Net Profit For The First Of Half 2013

06.08.2013

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Kuveyt Türk posts 146 Million Turkish Lira Net Profit For The First Of Half 2013

06.08.2013

 

Kuveyt Türk posted a net profit of 146 million Turkish lira for the first half of 2013

 
 


Kuveyt Türk maintained its growth trend of recent years to raise net profits to 146 million Turkish lira in the first half of 2013.

In the same period, total assets reached 22.09 billion with a 16.8 percent rise, while equity capital soared to 2.15 billion Turkish lira, up 28.2 percent from first six-month period of the previous year. Kuveyt Türk boosted collected funds to 14.77 billion Turkish lira by achieving a 15.8 percent improvement and extended funds in the amount of 14.61 billion Turkish lira with an 18.3 percent rise in the same period.

"Sound Banking" business model continues to drive a consistent growth trend for Kuwait Turk in the first half of 2013 as the bank expanded the number of branches to 252 with a strong workforce of 4,450 personnel as of today.

 

 
 
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High Performance In Collected And Granted Funds In The First Quarter

09.05.2013

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High Performance In Collected And Granted Funds In The First Quarter

09.05.2013

 

Total Funds Collected soared to 13.5 billion Turkish lira with a 6.4 percent increase

Total Loans and Receivables rose to 12.6 billion Turkish lira with a 5.8 percent increase

 

“We maintain a steady and efficient growth rate by investing in people,”

Ufuk Uyan, the Chief Executive Officer of Kuwait Turk,

First quarter financial results show steady growth for Kuwait Turk. The bank improved its asset size to 19.65 billion Turkish lira with a 3.9 percent increase in the first quarter of 2013 year-on-year. Granted funds soared to 12.57 billion Turkish lira with a 5.8 percent rise.

Equities climbed to 1.71 billion Turkish lira with a 1.9 percent boost brought on with the impact of the 51 million Turkish lira profit earned in the first quarter of 2013. Collected fund swelled by 6.4 percent to reach 13.57 billion Turkish lira. Capital adequacy ratio was 13.76 percent in the same period.

“Profitable growth through investment in people and technology”

Ufuk Uyan, Chief Executive Officer of Kuwait Turk, said the successful results of the first quarter proved Kuwait Turk’s status as the most prominent participation bank in Turkey once again. “We project the profit margins to shrink in the industry in 2013. Thus, we are striving to earn profits and achieve growth by investing in people and technology concurrently with an emphasis on cutting costs and improving productivity,” he said.

 
 
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KFH Turkey posts net profit of 250 mln TL, up 28 pct y/y Bank’s assets, deposits and funds increase between 25% to 30%

08.03.2013

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KFH Turkey posts net profit of 250 mln TL, up 28 pct y/y Bank’s assets, deposits and funds increase between 25% to 30%

08.03.2013

 

KUWAIT CITY, March 2: Kuwait Finance House “KFH” CEO and “KFH-Turkey” Chairman Mohammed Sulaiman Al-Omar said that “KFH-Turkey” maintained its rapid growth in 2012 and increased its profits to 250 million Turkish lira, 28 percent increase compared to 2011, KFH Turkey increased its assets by 27 percent to 19 billion Turkish lira and its loans by 14 percent to 12 billion Turkish lira and capital adequacy ratio stood at about 14 percent. Al-Omar stated that the positive financial indicators achieved by “KFH -Turkey” reflected growth in many areas like the growth of clients deposits that increased by 29 percent to reach 12.7 billion TL. He also stressed that the results achieved were in accordance with the plans, targeted shares, development projects and restructuring program implemented by the bank.

He went on to say that KFH-Turkey is planning to expand in Turkey and abroad to enhance the achievement of its strategy based on the contribution to the development of economic cooperation between Turkey and its neighboring countries on the one hand, and Kuwait and the GCC on the other hand. Moreover, Al-Omar noted that “KFH-Turkey” continued last year successes where it inaugurated 40 new branches ,recruited 600 new employees, in addition to applying for the German authorities to open a bank operating according to Sharia and provides integrated services, in a move aimed at expanding the role of the branch existing in the city of Mannheim German. The bank also targeted markets in the neighboring countries of Turkey and enhance cooperation and partnership relations with many economic and commercial activities, as well as presenting new products that achieved great success like gold and silver accounts.

Al-Omar assured that the success achieved in a sovereign Sukuk deal arranged for the Turkish government worth up to $1.5 billion between “KFH-Turkey” and Liquidity Management House, KFH subsidiary, this deal is considered as a model of what can be represented by Sukuk of an effective tool to provide funding for governments and companies. He highlighted that many countries are currently considering this model until it becomes one of the mechanisms adopted to provide the funding they need to expand and grow, as one of the alternatives and financing options that is highly popular in the global markets. Al-Omar praised the Bank’s strategy in strengthening the relations with its clients in Kuwait by communicating with them during their accommodation in Turkey, and providing them with services as during last summer, in addition to providing those who like to buy apartments in Turkey with real estate finance besides consulting and advising.

Meanwhile, KFH-Turkey Executive Manager Ufuk Uyan stated that they expect to increase the Bank’s assets by 30 percent in 2013 and added, “We want to increase the bank’s deposits also by 30 percent. We are planning to expand into asset and wealth management this year. We signed nearly 300,000 new retail clients last year. This year’s target is 400,000 new clients. We also want to reach more SMEs.”

Uyan stressed that KFH-Turkey targets to expand its market shares in retail services to achieve the strategic goal to be one of the 10 largest banks in the Turkish market.

 
 
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Kuveyt Türk Applies For Full Banking Services License In Germany

23.10.2012

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Kuveyt Türk Applies For Full Banking Services License In Germany

23.10.2012

 

Kuveyt Türk has applied for full banking services license in Germany

 

On October 11, 2012, Kuveyt Türk Katılım Bankası A.Ş, with its headquarters in Istanbul, has applied to Germany’s Federal Financial Supervisory Authority (BaFin) in order to carry out its loan and deposit operations in Germany, under Article 32 of the German Credit Act.

With this application Kuveyt Türk will be the pioneer in Germany with the “Interest free banking” model of them selves

 

Products and services that will add value to German economy

Kuveyt Türk General Manager Ufuk Uyan stated that, with the start of their banking activities in Germany, they will be financially supporting the commercial activities of small, medium, and large-sized businesses in Germany just as they do in Turkey.

Ufuk Uyan also mentioned that Kuveyt Türk started its operations as a participation bank in 1989 and today has a total of 223 branches in Turkey and abroad. He said that if they obtain a full banking licence in Germany, Kuveyt Türk will introduce important financial support services that will add value to German economy.

General Manager Ufuk Uyan explained that they have obtained favorable long-term financing from alternative markets for the real economy in Turkey and that they want to transfer Kuveyt Türk’s experience and know-how to Germany, thus serving as a commercial financial bridge between Germany, Turkey and the Gulf countries.

Uyan mentioned the advantages they will provide to the real economy with the start of their full banking operations in Germany as follows: “More demand that originates from more trade volume, therefore more tax income; ease of entry to Turkish market and to the Middle East and North Africa (MENA) region; less capital outflow from Germany; and more capital inflow from the MENA region.”

     
 
 
 
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Kuveyt Türk Reports a Net Profit of 139.6 Million TL for the First Half of 2012

02.08.2012

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Kuveyt Türk Reports a Net Profit of 139.6 Million TL for the First Half of 2012

02.08.2012

 

Kuveyt Türk Participation Bank has posted a net profit of 139.6 million Turkish lira for the first half of 2012.

Whilst maintaining growth throughout the first half of the year, Kuveyt Türk has increased its profit to 139.6 million Turkish lira.

During the same period, Kuveyt Türk's total assets and equity capital rose to 16.55 billion Turkish lira and 1.56 billion Turkish lira, respectively. In addition, funds increased to 10.92 billion Turkish lira – 10.84 billion Turkish lira of which has been extended as loans.

Maintaining steady growth based on the "Reliable Banking" business model during the first half of 2012, by the end of July Kuveyt Türk attained its 2012 goal of opening 40 new branches thereby increasing the total numbers of branches and employees to 221 and 3,837, respectively.

     
 
 
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Kuveyt Turk To Offer Financial Support To Gulf Investors

08.06.2012

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Kuveyt Turk To Offer Financial Support To Gulf Investors

08.06.2012

Kuveyt Turk Participation Bank is offering important financial intermediation and other services to investors, especially those from the Gulf region, who want to buy real estate property and invest in Turkey.

Kuveyt Turk, following the removal of the condition of reciprocity – by the Grand National Assembly of Turkey – that had put restrictions on the sale of land and real estate to foreign citizens and firms, has begun to provide foreign investors, especially those from the Gulf region who have shown strong demand for real estate properties in Turkey, with convenient financial intermediation services.

With the approval of the law that removed the condition of reciprocity by the Grand National Assembly of Turkey, investors from the Gulf region have been given the right to buy any kind of real estate including residential, land and commercial properties.

Kuveyt Turk to offer financial consultancy and intermediation services

Reminding that they have identified a huge demand especially from the investors from the Gulf region for real estate properties in Turkey after the approval of the law, Ufuk Uyan, the General Manager of Kuveyt Turk, said, "We will help investors from Kuwait or other Gulf countries, who need financial assistance to buy real estate in Turkey, access financial intermediation services. We will finance the purchase of residential, land and commercial properties by Gulf region investors by providing them with U.S. dollar or Euro-denominated loans at favorable rates. To Gulf region investors who buy commercial real estate and residential properties, we will offer loans payable up to 60 months and 120 months, respectively."

Uyan emphasized the fact that they had become the most important gateway for Turkish investors seeking to invest in the Gulf countries through the products and services they had been offering for the last 23 years in Turkey as a subsidiary of the Kuwait Finance House (KFH), a leading provider of Islamic commercial investment banking services in the world. Stating that they were aiming to become a second "house" for their customers, referring to the word "house" contained in the title of their parent company (Kuwait Finance House), Uyan added that they had staffed their Main Branch and other branches, including the one located in Taksim, with Arabic-speaking personnel who operate under the coordination of the newly-established "Customer Relations Unit.

Emphasizing that they would be offering customized solutions to their customers as a brand that knew very well the needs of investors both in Turkey and across the Gulf region, Uyan continued, "In addition, we will help our customers fulfill their tax filing and payment obligations – related to the real estate properties they are planning to purchase – that require ongoing monitoring with the services we will offer through our group companies. As a result, investors will be relieved of the burden of monitoring on their own the fulfillment of tax obligations, payments and invoices, which concern the real estate properties they have purchased. As Kuveyt Turk, we will also be offering consultancy services to the investors."

There is a very significant business volume between Turkey and the Gulf region

Mentioning that the trade volume between Turkey and the Gulf region 10 years ago stood at around $1.5 billion, Uyan said, "In the course of the past 10 years, this figure has jumped to $11.9 billion. Notwithstanding this significant improvement, we can legitimately say that it is still far from its desired level in light of the potential offered by the economic and demographic sizes of these countries. With the entering into force of laws such as these in Turkey, we think that the mutual trade volume between Turkey and the Gulf region will increase even more and the true potential of economic relationship between the trading partners will be realized at last." Mentioning that Turkey has become an attractive country for Gulf investors thanks to the economic stability that the country has achieved recently, Uyan continued, "The volume of business and trade between Turkey and Kuwait reached $567 million by the end of 2011. We expect to see this figure continue to rise in the coming future."

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Kuveyt Turk Holds Its 2012 Ordinary General Assembly

19.04.2012

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Kuveyt Turk Holds Its 2012 Ordinary General Assembly

19.04.2012

The 2012 ordinary general assembly of Kuveyt Turk Participation Bank was held the previous day at the bank's head office in Esentepe with the participation of the board of directors, senior management, and the general assembly members.

At the 2012 ordinary general assembly of Kuveyt Turk, which was held the previous day at the Head Office in Esentepe, the 2011 evaluation of the steady growth maintained with the “Reliable banking” business model was part of the agenda. During the meeting, in which the board members were present together with the general assembly members, Kuveyt Turk's net profit of 195 million Turkish lira was officially declared to all members. Kuveyt Turk increased its total assets by 54 percent in 2011. At the General Assembly it was decided that a 16 million Turkish lira dividend would be paid to the shareholders out of this profit, and 150 million Turkish lira would be distributed to shareholders as bonus shares.

In his speech at the general assembly, Ufuk Uyan, General Manager of Kuveyt Turk, expressed that with an increase of 22 percent in the net profit, they reached all the banking targets that they had determined and that they will speed up the rate of growth in 2012. Uyan also stated that they will be leading the development of participation banking with the innovative products they developed in the precious metals market and by increasing the number of branches.

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Kuveyt Türk Introduces Turkey To “Sukuk” Market With Pioneering Lease Certificate Issuance

22.11.2011

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Kuveyt Türk Introduces Turkey To “Sukuk” Market With Pioneering Lease Certificate Issuance

22.11.2011

     

Present at the signing ceremony and press conference for the second “Sukuk” issuance that received great interest from the Gulf Region and European investors were Capital Market Board Chairman Vedat Akgiray, Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan. The event was also attended by officials from the lead arranging banks; Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.
 

 

 

The Kuveyt Türk pioneered transaction represents the “first” issuance as part of the Comminiqué on Lease Certificates and has created $350 million worth of derivative funds for a five year period that will be primarily used for project financing.

Kuveyt Türk Chairman Mohammed Al-Omar: “Sukuk is an important product that will contribute to Participation Banking’s consistent growth”

Kuveyt Türk Chairman Mohammed Al Omar especially emphasized that “Sukuk” is an important product that will contribute to Participation Banking’s consistent growth.”

Omar said that “Both Kuveyt Türk’s Sukuk issuances were met with great interest. This issuance is an important financial source for Turkey’s continuing development goal. We are very happy that its record setting, long-term and high value has contributed as a financial source in these times of extreme economic duress. Turkey has the potential to acquire considerable financial resources by issuing new issuances to global investors, including the Gulf Region. Kuvey Türk is ready to provide all the necessary assistance to state and private institutions in this matter.” Omar concluded his speech with the promise that they would grab the headlines with new issuances in the coming period.

Ufuk Uyan stated: “Turkey became part of the global $100 billion worth Sukuk market thanks to Kuveyt Türk.”

Kuveyt Türk CEO Ufuk Uyan stated during his signing ceremony speech that Kuveyt Türk had taken a pioneering role in opening the door for procuring long-term funds from financial markets, in accord with interest free banking principles. He further acknowledged the joy they felt for taking part in the process of affording Turkey access to a fast developing global “Sukuk" market that was worth $100 billion.

He said that their two Sukuk issuances, the first ever of their kind in Turkey, had enabled the country access to a brand new market that contributed long-term funds necessary for the country’s development and that they would share their know-how with other companies and provide advice for future issuances. Uyan underlined that one of the issuances most important aspects was its very competitive pricing and how it was a reflection of the trust placed in Turkey and Kuveyt Türk. Uyan further claimed, they regarded the Sukuk market as an important opportunity with great potential for Turkey and they plan to issue new transactions and issuances for corporate companies.

Uyan finally assured the issuance was met with great interest during a period of extreme financial fluctuation and “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors’ issuance acquirement of 12 percent during the final allocation confirms the unabated interest in our banks issuance even during these hard times. Considering we have gained a diverse investor portfolio of banks, private banking departments and international institutions has also made us very happy.”

 
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Kuveyt Turk Posts “160.5 Million TL Net Profit” For First 9 Months

16.11.2011

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Kuveyt Turk Posts “160.5 Million TL Net Profit” For First 9 Months

16.11.2011

Kuveyt Türk Katılım Bankası posts a profit increase of 25 percent in the first 9 months of 2011, while its assets rose to 13.671 million Turkish lira, an increase of 58.13 percent compared to the same period last year.

Kuveyt Turk announced that its steady growth continued in the first 9 months of 2011, according to the financial results for the period. Kuveyt Turk assets rose to 13.671 billion Turkish lira in the first 9 months of 2011, a 58.13 percent increase compared to the same period of 2010. Loans increased 54.39 percent, compared to the same period last year, to 9.437 billion Turkish lira.

According to the statement, equity capital increased 14.52 percent to 1.403 billion Turkish lira and funds increased 57.88 percent to 11.65 billion Turkish lira. Capital adequacy ratio for the September 2011 period was 16.51 percent.

  September 2010 September 2011 Increase (%)
ASSETS 8,645,151,000 13,670,907,000 58.13
CASH LOANS 6,112,737,000 9,437,208,000 54.39
RAISED FUNDS 7,008,717,000 11,065,475,000 57.88
EQUITY CAPITAL 1,225,537,000 1,403,45,000 14.52
PROFIT 128,500,000 160,515,000 24.91
EMPLOYMENT 2,725 3,205 17.61
BRANCHING 141 166 17.73
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Another “First” For The Turkish Market: Kuveyt Turk’s Second Sukuk Issuance Succesfully Finalized

01.11.2011

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Another “First” For The Turkish Market: Kuveyt Turk’s Second Sukuk Issuance Succesfully Finalized

01.11.2011

Kuveyt Türk successfully issued its second Sukuk, following last year’s first issuance in Turkey and Europe. The transaction represents the “first” issuance within the framework of new Sukuk regulation in Turkey; namely, the Communiqué on Lease Certificates. Issue size has been USD 350 million with a 5 year term.

Turkey’s first lease certificates issuance was completed successfully after investor meetings held in prominent financial centers in Asia, the Gulf Region and Europe; and it was almost two times oversubscribed. Turkey’s second Sukuk issuance’s certificates will be listed in the London Stock Exchange. Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank were joint lead managers in the deal. Fitch assigned “BBB-“, investment grade, rating to the certificates in line with Kuveyt Turk’s rating.

Kuveyt Turk CEO Ufuk UYAN recalled the strong interest from investors to Kuveyt Turk’s last year’s issuance, a first both in Turkey and Europe, and said in his statement that “This second issuance is the first Sukuk transaction in line with the Capital Markets Board of Turkey’s (CMB) Communiqué on Lease Certificates. The transaction was materialized by Kuveyt Turk Sukuk Varlık Kiralama A.Ş., a Turkey based asset leasing company. We are very pleased to have realized both Turkey’s second Sukuk issuance and the first issuance within the framework of new sukuk regulation.”

UYAN further stated that the issuance was finalized during a period of financial volatility and it attracted investors’ considerable interest. He noted that “19 percent of the issuance was allocated to Asian investors. The Gulf Region, as expected, showed great interest. European investors had a final allocation of 12 percent. These figures indicate the widespread interest in our issuance even during these turbulent times. We also consider the diversified investor base including banks, private banking funds, supranationals and agencies as another successful aspect of the deal.”

Sukuk will open a new door in interest-free banking

UYAN pointed out that Kuveyt Turk opened a new door for Turkish participation banks into long-term funding from capital markets in line with the interest-free banking principles. He stated that “Since its establishment, Kuveyt Turk had the mission and strategy to derive long term funds to support Turkish economic development. We have taken strategic steps to this end and aimed to introduce Turkey to growing global Sukuk market. It is important for us to pave the way with last year’s first Sukuk issuance and we are happy now to finalise the second one as again a “first” under the new regulation. The funds will be utilised for our customers’ funding needs, and especially for project financing.”

UYAN also underlined the fact that one of the most important aspects of the issuance was its very competitive pricing. UYAN finally stated that they regarded the Sukuk market to have an important potential for Turkey, and that they are committed to further new issuances including corporate sukuks from Turkish market.

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Kuveyt Türk Launches Its “Gold Corner” in Dubai

11.10.2011

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Kuveyt Türk Launches Its “Gold Corner” in Dubai

11.10.2011

     

Each month, Kuveyt Türk continues to add new services into its gold products range. Gold Corner, the first of its kind in Turkey – was nationally and internationally promoted with an event held in Dubai yesterday.

As the value of gold progressively rises worldwide, Kuveyt Türk Participation Bank introduces new gold-related products each month, and this month proudly debuts the Gold Corner (It delivers gram gold) – a pioneer in Turkey. Launched at the GITEX Fair in Dubai yesterday, Gold Corner will soon be in service, coming first to wedding halls and shopping malls.

 

The most vital goal is to return “under-the-mattress” savings to the economy

During a presentation at the fair, Mustafa Dereci, Marketing and Product Development Group Manager, stated that Kuveyt Türk offers a wide array of gold products, adding “we have a strong desire for ‘under-the-mattress’ savings to return to the economy. We have several ongoing projects in this respect. Our newest product is “Gold Corner” which will enter service soon."

 

Dereci explained that this technology – a first for Turkey – will enable customers to purchase physical gold twenty-four hours a day, seven days a week, and added that the new service is not currently provided by any other bank or jeweler in Turkey. Also he added, the customers, who gets gold from “Gold Corner”, will be able to deposit the gold at all Kuveyt Turk’s branches. Gold Corner will be available soon, firstly at wedding halls and shopping malls.

 
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Second Sukuk Issuance Of Kuveyt Turk Meets The Investors

07.10.2011

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Second Sukuk Issuance Of Kuveyt Turk Meets The Investors

07.10.2011

Following last year's first sukuk issuance in Turkey and Europe, Kuveyt Türk starts the investor meetings with natural and legal persons operating at abroad for the second sukuk transaction, in line with the new legislation.

To be issued by KT Sukuk Varlık Kiralama A.Ş., a Turkey-based asset leasing company established pursuant to the Communiqué on Lease Certificates of the Capital Markets Board (CMB), this will be the first 5-year-term sukuk transaction in Turkey.

Having concluded within last year a $100 million sukuk issuance, a first both in Turkey and Europe, Kuveyt Türk will ¬hold meetings in prominent financial centers in Asia, Gulf Region, and Europe to come together with the global investors for the second sukuk transaction. Fitch Ratings made a statement on this transaction for which Abu Dhabi Islamic Bank, HSBC, Liquidity Management House, and Standard Chartered Bank have been appointed as promoters and indicated that the planned issuance was expected to be rated with “BBB-“ in line with the rating of Kuveyt Türk. In addition to providing information on the structure of the targeted issuance, the statement also pointed out that the final rating will be announced upon the completion of the related documents. While “BBB-“, predicted by Fitch Ratings, indicates “investment” grade, Kuveyt Türk, currently assigned with the same rating, is at one level above the foreign-exchange rating of Turkey.

We aim to bring the long-term funds into the economy

Kuveyt Türk CEO Ufuk UYAN said, in his assessment, that, “Upon the interest shown to the first sukuk issuance we realized in 2010 and via the capital markets, Kuveyt Türk reached a significant point in preparatory works for a new issuance, in line with our target to bring the long-term funds into the Turkish economy. Following meetings to be held with global investors in financial centers, we aim to reinforce our leadership in this area with this second issuance planned to be realized pursuant to the new legislation.”

 
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Islamic Banking Briefing in Hungary, the Current EU Council Presidency Holder

21.06.2011

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Islamic Banking Briefing in Hungary, the Current EU Council Presidency Holder

21.06.2011

Holding the Presidency of the Council of the European Union, Hungary hosts “Cultural Diversity and Dialogue - Bridging Europe and the Arab & Muslim World” conference in the city of Eger.

Kuveyt Türk General Manager Ufuk Uyan gave a presentation about Islamic Banking to the attendees of the “Cultural Diversity and Dialogue - Bridging Europe and the Arab & Muslim World” conference. In the “Interest-Free Banking Model’s Solid Foundations” themed presentation, Uyan also provided insight into the reasons for the economic crisis.

Many prominent names of the European Union’s (EU) financial and political scene attended the conference, hosted by Dr. Zsolt Semjen, Deputy Prime Minister of Hungary, Dr. Janos Jovari, Deputy Foreign Minister of Hungary, and Laszlo Habis, Mayor of Eger.

Uyan reminded attendees about Kuveyt Türk’s presentations held in various EU member countries last year, at the time of their issuance of Sukuk bonds for long-term financing, underlining their importance in introducing the concept of interest-free banking to EU political leaders and businessmen. Uyan especially stated that “Islamic banking’s restrictions on trading financially engineered products, such as speculative and fictitious derivatives, and sale of debt prevent overindebtness and enable Islamic banking to withstand economic crises.”

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Kuveyt Turk now associate of London Bullion Market Association

09.05.2011

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Kuveyt Turk now associate of London Bullion Market Association

09.05.2011

Demonstrating its firm resolution to be a top player in the global gold market, Kuveyt Turk Katılım Bank becomes the first and only bank in Turkey to be associate to the London Bullion Market Association.

Kuveyt Turk has made a bold move to boost its position in the gold banking industry by becoming an associate of the prestigious London Bullion Market Association (LBMA). LBMA Chief Executive Stewart Murray presented an Associate certificate to Murat Çetinkaya, Deputy General Manager of Kuveyt Turk, on a visit to Turkey last week. The move confirmed Kuveyt Turk’s undeniable role in the bullion market, said Mr Murray, adding that it was a pleasure to be able to confer associate status on the bank. “Kuveyt Turk is one of the most impressive banks in the Turkish gold market. The London Bullion Market Assocation is now in a better position to gain an insight into the Turkish market and follow developments in Turkey, whose role in the gold market is indisputable.”

Mr Çetinkaya said that only leading banks, businesses, gold manufacturers, producer jewelers and stock exchanges are admitted as associates to the LBMA, which is one of the most influential institutions in the bullion market. “In line with our target to be a major player in the field of gold banking, not only in the Turkish market but also in global markets, we will engage in activities through the LBMA”. He stated that the LBMA performs different tasks, such as the coordination of markets, settlements and deliveries, custodian services for bullions and the issue of bulletins, as well setting applicable standards for the industry.

Mr Cetinkaya went on: “At Kuveyt Turk, we offer services in the gold and bullion market to a wide range of customers, from individual to corporate investors, and always strive to create new products and new services in the face of our clients’ ever-evolving and diversified needs. This time it is the London Bullion Market Association that has been added to our contact network involving global financial institutions, refineries and other business partners.”

Underlining the fact that Kuveyt Turk is one of the most active members in the Istanbul Gold Exchange in Turkey, Mr Cetinkaya referred to its strong relations with prominent banks and bullion refineries in the global gold banking world. He emphasized that Kuveyt Turk’s LBMA associate status is further evidence of the bank’s effective role amongst a global league of major players.

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