Businessweek.com - Sept. 24
(Bloomberg) -- Albaraka Banking Group BSC and its unit in Turkey may
raise a total of $500 million in Islamic bonds this year, Chief
Executive Officer Adnan Ahmed Yousif said.
Albaraka Turk Katilim Bankasi AS, the Shariah-compliant Turkish
unit of the bank, may sell about $200 million in sukuk by November,
while the Bahrain-based parent may raise about $300 million from a
similar sale by the end of the year, Yousif said in an interview in
Washington today. (source)
The bank is targeting an acquisition in Indonesia, where it seeks
to buy a “small” conventional bank and turn it into a Shariah-compliant
lender, Yousif said.
Al Baraka Bank Egypt ESC, the group’s arm in the the country where
a revolt toppled President Hosni Mubarak this year, is in an
“excellent” position and may record a 15 percent growth in profit in
2011, he added.
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