Al Baraka close to issue sukuk
ISTANBUL - Hürriyet Daily NewsBahrain-based Al Baraka banking group, which operates in 15 countries including Turkey, Syria, Tunisia and Egypt, wants to increase the group’s profits by 15 percent in 2012 and issue $200 million in sukuk bonds for Al Baraka Turkey, the bank’s Turkey arm.
“We expect this year’s profits to be even better than last year’s and foresee a 15 percent increase,” said Al Baraka’s Chief Executive Officer Adnan Ahmed Yousif in an interview with Reuters.
Last year Al Baraka had increased its profits by 10 percent to $212 million. The bank also plans to issue $300 million in sukuk bonds and $200 million in sukuk bonds for Al Baraka Turkey, which had been delayed since December 2011.