Having been constructed in flood-stricken Pakistan’s Pencap state, Multan city, Bukhay Wala region with the contribution of Kuveyt Turk Participation Bank and Turkish Red Crescent, ''Kuveyt Turk Brotherhood Village” is full of life again. Kuveyt Turk Participation Bank’s Head of Operations Group, İsmet Çıtak, and Corporate Communication Director, Gökhan Şengül, ascertained on site the needs of the families which maintain their lives in the village together with Turkish Red Crescent teams and distributed 1000 quilts, 500 pairs of shoes and fuudstuff to the victim families. Coming together with the families, they listened to their problems and tried to learn their urgent needs.
Çıtak indicated that they would also carry out education-oriented practices for the children of victim families in ''Kuveyt Turk Brotherhood Village, which had been constructed with the help of bank employees and customers. “We have observed that the people overwhelmed by poverty have economic problems as well as unemployment and there are difficulties such as energy and potable water in the region. We shall try to use every means available to overcome such difficulties” added he.
Indicating that they had previously granted 1 million TL cash to Pakistan, Çıtak explained that, other than one-time grants and aids to Pakistan, in the near future they would determine the situation and needs of the locals and try to fulfill the urgent needs of the families in the village. In the mean time, through the aid distribution team organized in Pencap state, Multan city as the most aggrieved region, Turkish Red Crescent distributed 2.584.704 kilogram aid materials transported from Turkey by railway to 85.745 families.
Chairman of Kuwait Finance House, Bader Abdul Muhsen Al – Mukhaizeem, evaluated the relations between the Gulf countries and Turkey at the Turkish-Arab Relations Conference. Speaking at the Turkish-Arab Relations Conference, which was held with the participation of Prime Minister Recep Tayyip Erdoğan, Chairman of Kuwait Finance House Bader Abdul Muhsen Al – Mukhaizeem said “There is no doubt those who follow the developments in Turkey shall be proud of the Turkish model which succeeded at different levels including political and economic fields, other than the efforts which brought a new perspective to the Turkish economy. These efforts also played a crucial role in the promotion of direct foreign investments and in the increase in the number of such investments only in a few years, allowing for an increase in national income and growth and enabling Turkey to strengthen her economic status in the world.
This structural change was applauded by the entire world since it was rapidly realized, allowed for additional improvements in domestic and foreign trade, encouraged the increase in exports and personal incomes and thus enabled the private sector to play a more distinctive role.” Then, Mukhaizeem added “The achievements of Kuveyt Turk Participation Bank, as the biggest investment of Kuwait Finance House in Turkey, in partnership with the General Directorate of Foundations and other shareholders within the last 20 years become more apparent with each passing day, showing that the decision to invest in Turkey in spite of other alternatives existing at that time was very correct.”
Mukhaizeem stated that Kuveyt Turk Participation Bank had an annual growth of more than 30% in profitability, deposits and equities and the number of branches had reached 150 together with the branches opened in Bahrain, Dubai and Germany. Indicating that Kuveyt was implementing a promising development plan with with an expense volume of $120 billion, “The plan comprises of hospitals, schools, facilities, infrastructure, sources of energy, transportation, housing anf similar projects. In addition, laws which shall strengthen the role of the private sector and increase the number of foreign investments were enacted. We hope that Turkish companies play an active role in the implementation of our projects” said Mukhaizeem.
In conjunction with the development of technological communication facilities, fraudulent acts which are committed via different means of communication by deceiving people with the promise of high amount of gains in a short time with little or no effort and convincing them to make an advance payment are encountered. Such fraudulent acts are committed especially by means of Internet and other means of communication.
A foreign government representative ask for your help to transfer money and he/she offers to pay a commission to you if you accept.
Political rejime has shifted in the country of the person who sends the e-mail and he/she is the spouse/child/close relative of a significant politician of the country in the previous regime. He/she does not want to keep his/her fortune in the country because of the regime shift and asks for your help to transfer it to another country.
It is said that you have inherited a big fortune from a relative who you do not remember or you have won a prize from a contest or lottery which you do not remember to have participated (probably organized in another country).
The countries mentioned in such e-mails are generally Nigeria, Democratic Republic of the Congo, Togo, etc. We announce that, if you receive such e-mails from persons you do not know, be careful, do not transfer money if you are asked to do so in the e-mail, and do not give your bank account number and other financial information to the opposite party.
The local currency long-term rating at an internationally investible level of Kuveyt Turk Participation Bank has been raised by the international rating institution, FitchRatings. According to the new regulation, the long-term rating in TL of Kuveyt Turk has been raised from “BBB-“ to “BBB” and announced to be positive in outlook.
On the other hand, Kuveyt Turk’s foreign currency long-term rating has been reaffirmed as “BBB-“ and outlook has been revised from stable to positive by Fitch. The CEO of Kuveyt Turk Participation Bank, Ufuk Uyan, stated that the increase in ratings by FitchRatings was both of high importance in terms of creating long-term resources and transferring resources to the financing of investments and positive in terms of the development of affordable and long-term capital market instruments such as SUKUK.
Referring to the latest tax regulations in bank bonds by the Ministry of Finance, Uyan reminded that they expected the withholding costs applied on bond-like capital market instruments of Participation Banks to be reduced and long-term indexed tax reductions on such products to enter into force.
Kuveyt Turk Participation Bank signed a $100 million cooperation agreement on export insurance with the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), a subsidiary of the Islamic Development Bank. The agreement executed between Kuveyt Turk and ICIEC, which renders extensive insurance service for export receivables and investments, is a “first”. Within the scope of the agreement, exporting companies shall be insured against the risk of non-collection of receivables related to the export transactions to approximately 150 countries.
To New Markets with Confidence. CEO of Kuveyt Turk, Ufuk Uyan, stated that they formed this cooperation to enable the companies in our country to continue their operations abroad, especially in new markets, with confidence. Stressing that this joint product of Kuveyt Turk and ICIEC would also cover high-risk countries, Uyan indicated that this product would insure the collection of nearly the total export amount. Uyan stated that the diversification provided in foreign trade by the new markets was very important for the national economy, emphasizing that the financing of foreign trade was among the main priorities of Kuveyt Turk and they always supported their customers in new markets.
Uyan recommended the new product to all the exporters as a risk management tool and said, “We support our companies in their growth attempts, with a customer-oriented and competitive approach. In foreign markets, we continue to be close to our customers and support them. In the Gulf region, we are in Bahrain and Dubai; in Central Asia, we are by our companies with our Kazakhstan operation. Through our strong corresponding bank network, we offer forward and similar treasury products to our foreign trade companies to enable them to manage their risks. Our cooperation with ICIEC shall be a new and important step in these efforts.” Foreign Trade as a Strategic Priority Uyan stated that one of the strategic goals of Kuveyt Turk in 2011 would be to improve its share in financing the foreign trade transactions and that they would quickly implement new product and service packages for the foreign trade companies. Uyan stressed that they would aim to offer attractive and competitive opportunities to their customers and to accomplish a significant breakthrough in foreign trade in 2011 through differentiation in service quality.
The International Cooperation Platform was held with the opening speech of our President Abdullah Gül and with the participation and presentations of many renowned people. Kuveyt Turk participated in this platform, which was organized for the first time and lasted three days, as the silver sponsor. Many governmental delegates attended the organization, which aims at contributing to the process of strategic cooperation with 1st and 2nd generation neighboring countries, notably Middle East countries, for the opportunities provided by global economy.