Islamic banking and finance

Türkiye Wealth Fund (TWF) has signed a $100 million Murabaha financing agreement with Sharjah Islamic Bank (SIB).

This three-year term agreement marks the first Islamic finance transaction for the TWF.

Doğan Investment Bank acted as the financial adviser and coordinator for the transaction, the fund said in a statement.

The total net profit of 53 state-owned and private banks operating in Turkey in the first ten months of this year reached 66.1 billion Turkish Liras ($7 billion), the Banking Regulation and Supervision Agency (BDDK) announced on Nov. 29.

The figure was around $6 billion in the same period of 2020.

Turkey's banking sector registered a net profit of 33.8 billion Turkish liras ($4 billion) as of the end of June, the country's banking watchdog said on Aug. 5. 

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Total assets of the sector hit 6.7 trillion Turkish liras ($785 billion), up 10.2% from the same period last year, a report by the Banking Regulation and Supervision Agency (BRSA) said.

Turkey's new regulation governing the interest-free funding market for housing and car sales took effect as it was published in the Official Gazette on March 7.

The Turkish Parliament approved the legislation last week, clearing the way for a possible boom in a system that has already drawn around 300,000 customers keen to avoid sky-high interest rates.

The Turkish presidency is setting up an office to deal with the growing sector of participation finance, according to an official notice published on Feb. 8.

The department within the Presidential Finance Office will focus on raising awareness of participation finance and developing strategies in the field, said a presidential decree published in the Official Gazette.

The Turkish Central Bank has decided to establish three new divisions in a bid to adapt its organizational structure to its priorities, according to a statement issued by officials on Feb. 4. 

Under its Structural Economic Research Department, the bank will form a division in charge of analyzing developments in the food and agricultural product markets.

The combined net profit of Turkish banks amounted to 59.97 billion Turkish Liras (around $8.4 billion) in 2020, up from the previous year's net income of 49 billion liras, the country's banking watchdog (BDDK) has said.

Representatives from the Participation Banks Association of Turkey (TKBB) and Qatar Financial Centre (QFC) gathered to discuss opportunities for cooperation in the field of participation finance.

The videoconference held Thursday, coordinated by the Turkish Presidency's Finance Office, aimed to develop cooperation between the two parties, according to a statement on Jan. 29. 

Turkey's banking sector posted a net profit of 57.3 billion Turkish liras ($7.37 billion) in the first 11 months of 2020, the
country's banking watchdog said on Dec. 29. 

The sector's net profit was up 23%, compared with 46.55 billion Turkish liras ($8.1 billion) in the same period last year, according to a Banking Regulation and Supervision Agency (BDDK) report.

Turkey's banking sector recorded 15.1 billion Turkish liras ($2.4 billion) net profits as of end-February, the country's banking watchdog said on March 30.

Total assets of the sector jumped 20 percent year-on-year to 4.7 trillion Turkish liras ($759.7 billion), the Banking Regulation and Supervision Agency (BRSA) report revealed.