20 August 2010 Turkish Minister of Finance welcomes KFH's efforts to provide new financing tools Al-Omar: KFH's strategic contributions in Turkish market reflect trust The Turkish Minister of Finance Mehmet Shemshat stressed the pivotal role played by Kuwait Finance House-Turkey (KFH-Turkey) and the value it represents to the Turkish economy, in addition to its effective contributions in meeting the demands of large segments of individuals and corporations. He added during a ceremony that was held to announce a USD 100 million sukuk deal orchestrated by KFH subsidiary Liquidity Management House in conjunction with Citi Bank, that this deal opens a new window of opportunity for financing tools in a market that is rich in opportunities, and added that the Turkish government welcomes such initiatives that are considered to be an addition to the Turkish economy. He explained in his speech that KFH-Turkey is dramatically developing and that new tools and products are introduced in the field of financing. Those tools and products, he mentioned, are expected to be a great success especially that major corporations and establishments are expanding internally and externally, which increases the demand for financing tools, such as sukuk. He went on to say that the economy is recovering, and that unemployment rates are decreasing. KFH-Turkey's Chairman Mohammed Al-Omar stated that the announcement of the issuance of sukuk underscores the trust in the Turkish economy and its potential for growth, not to mention the successes that KFH-Turkey as achieved in the Turkish market and other overseas markets, where the value of sukuk was covered as a result of the contribution of 19 banks and financial institutions in the Middle East, the Gulf, Europe, and Asia. In addition to that, he revealed that the 3 year sukuk were rated BBB- by Fitch credit Rating agency, and that the sukuk will be listed in London bourse. He announced that KFH-Turkey and the Turkish financial system have achieved great success, and that a few days ago, the bank celeBRated at the Turkish bourse the launching of the first gold Shariah compliant investment fund. He remarked that sukuk are considered to be the Islamic alternative for bonds, and that they will benefit the Turkish economy and investor, in addition to causing a finance flow to Turkey from international markets, especially after sukuk were adjusted to suit the legislative and tax systems. He also applauded the efforts exerted by Liquidity Management House, which led to the issuance of sukuk and to numerous successful deals.
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