Sunday 12 May 2013

{Kantakji Group}. Add '11830' Fwd: Turkish participation sukuk comes of age

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From: Islamic Finance Information Service <829114.1359387856@ems.euromoneyplc.com>
Date: Mon, May 13, 2013 at 6:04 AM
Subject: Turkish participation sukuk comes of age

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May 13, 2013


Turkish participation sukuk comes of age

Research by Mahinaz El Aasser

Although Turkey's first participation (Islamic) bank, Albaraka Turk, was established in 1985, Turkey's first sukuk law wasn't drawn up until 25 years later, in April 2010. The "sukuk communiqué" was set by the Capital Markets Board as a means of diversifying financial instruments, to minimise risks and to attract more foreign investments. It included provisions about special purpose vehicles and ijara certificates. The communiqué included several disadvantages, especially when compared with conventional bonds provisions. In addition to this, tax laws had several shortcomings which were not addressed until June 2011 when a bill was passed with several amendments for sukuk taxations.

Turkey's sukuk market has managed to reach $3.79bn in only three years.

Kuveyt Turk Katilim Bankasi (KFH-Turkey) was the first participation bank to tap the market, in August 2010, with its $100m ijara and murabaha sukuk. In 2011, three sukuk were announced but only one took place. Since the market was still in its first steps and with the tax disadvantages in the sukuk bill, the first Turkish sukuk was domiciled in Turkey rather than internationally sydicated.

Kuveyt Turk  built on its successful debut by issuing a $350m ijara and murabaha sukuk at a rate of 5.875% the following year. Noor Islamic Bank announced its intention to issue two sukuk inthe Gulf region and the other in Turkey with a value $150m each. No further steps have taken place, however.

Albaraka Turk Katilim Bankasi announced its intentions to issue $250m sukuk in November 2011. The deal was postponed, however, as investors had put very high expectations on the yields, whereas the market had hit a turbulent patch.


2012, which showed the largest value of sukuk issued in Turkey, witnessed the issuance of the first Turkish government sukuk. The deal was initially planned from 2008, but was postponed due to political reasons. Proceeds from the $1.5bn ijara sukuk, which was issued through the Undersecretariat of Treasury Asset Leasing Company, will be used for general financing purposes of the government. 

This was then followed by another domestic ijara sukuk that in Turkish Lira worth TL1.6bn. Although till now only two sovereign sukuk were issued compared to five corporate sukuk, it is noteworthy that the former's values were larger from the corporate ones. Sovereign sukuk were worth $2.4bn while corporate sukuk amounted to $1.4bn.


Akbank and Turkish Airlines said in 2012 that they planned to issue sukuk worth TL500m and $500m, respectively, but again no further announcements have yet been made.

This year, Agaouglu Group said that it will issue $2bn of sukuk to finance the construction of Istanbul's financial district, but the transaction didn't take place yet. In March, Asya Bank, which postponed its sukuk since 2011, issued $250m murabaha sukuk, with a ten year non-call five year maturity, which was the largest tenor in Turkey. Following this success, Turkiye Finans issued $500m of sukuk but at a lower return of 3.95% compared to  the7.5% seen for Bank Asya's issuance. The following day, Albaraka Turk closed its $200m sukuk that was priced at 7.75%. The bank will use it to finance its capital base.

It should be noted that if Turkey aims to use sukuk to help its internal economy flourish, local denominated sukuk would be of great help. That is, of course, besides its dollar sukuk issuances, which confirm its position internationally.

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{ISTABA} Quran Summer Camp

Asalamu Alykom wa Rahmatol Allah wa Brakatoh,
 
After moving here from California five years ago, I had the pleasure to join Alrumaisa Saturday School team, and together we decided to have a Qur'an Summer Camp.  This will be our fourth successful year inshAllah.  The Summer Camp has a vision to improve the youth by enforcing the memorization of Qur'an all year long.  We discourage stops throughout the year to help keep the memory going for our children, which is why even in the summer we have the Quran camp and to reward them for their hard work we take them out to have fun.  We chose specific suwar for each group of students to set as their goal to memorize throughout the summer.  After the morning, we have lunch and prepare ourselves for the fun activity, which include; ice skating, bowling, laser tag, roller-skating, ceramic garden, Lowry park zoo, Mosi, Chuckie cheese, the movie theaters, and so many more places and new ideas every year.  We want to take the children out for fun to reward them for memorizing Qur'an.
There will be several programs and hours to choose from this year.  Open registration Tuesday May 14, 2013 through Friday May 17, 2013 11am until 3pm.
If you have any question, please feel free to contact me any time.   
Thank you for your support and faith in us, and God help us all to keep working in Da3ua. 


Lamees Alahmad Alshurafa
lameesalahmad@yahoo.com
925-639-1153.

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Mahmoud Elkasaby
ISTABA Management
813-270-5441
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{ISTABA} HELP VOTE FOR ME.... MUNSHED



Could've done a lot better, but in shaa Allah khair! If you have a YouTube account, you can go there, and like, comment, share and subscribe please :) if not, please do everything from the link by clicking on the picture, like, comment, and share with everyone you know, jazaakumullahu khairan :) 





Asalamu Alaikum,
My name is Faisal Latif and I need your vote by clicking on the picture below and like or comment on the Facebook post.
The judging committee will count every like and comment in making the decision so please visit the page.

Asalamu Alaikum
Faisal latif


[karachi-Friends] Daily Qur'an & Hadith 13 May 2013 (02 Rajab 1434)

English Translation of Al-Quran

[22].Surah Al-Hajj [The Pilgrimage]

Ayat 73. O mankind! A similitude has been coined, so listen to it (carefully): Verily! Those on whom you call besides Allah, cannot create (even) a fly, even though they combine together for the purpose. And if the fly snatched away a thing from them, they would have no power to release it from the fly. So weak are (both) the seeker and the sought.

Ayat 74. They have not estimated Allah His Rightful Estimate; Verily, Allah is All-Strong, All-Mighty.

[Tafseer]  of Ayat 73. O men! Here is a parable set forth! listen to it! Those on whom, besides Allah, ye call, cannot create (even) a fly, if they all met together for the purpose! and if the fly should snatch away anything from them, they would have no power to release it from the fly. Feeble are those who petition and those whom they petition! Both idols and their worshippers are poor, foolish, feeble creatures! Ayat 74. No just estimate have they made of Allah. for Allah is He Who is strong and able to Carry out His Will. No one who descends to the base forms of false worship can have a true idea of Allah. Allah has all power, and He is fully able to carry out every part of His Will and Plan. He is exalted above all in power and dignity and for the full meaning of ' Aziz (see also Surah 26: ayat 9).   

English Translation of Hadith  

Hazrat Abu Musa (May Allah be pleased with him) reported: Messenger of Allah [SAWW](PBUH) said, "Verily, Allah gives respite to the oppressor. But when He seizes him, He does not let him escape.'' Then he (PBUH)) recited, "Such is the Seizure of your Rubb when He seizes the (population of) towns while they are doing wrong. Verily, His Seizure is painful (and) severe". (11:102).

[Al-Bukhari Book 06,Chapter 60, Hadith # 208]

Lesson : as mentioned above in Surah Al-Hajj Ayat 74."They have not estimated Allah His Rightful Estimate; Verily, Allah is All-Strong, All-Mighty." One should not take the respite for exemption because no one knows when respite granted by Him will come to an end and punishment will follow.    

 

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Bayan-ul-Quran by Dr Israr Ahmad, with Urdu Translation Audio www.quranurdu.com/bayanulquran

(Jazak Allah Khair) الله تعالی آپ کواعلی درجات اور آسانیاں عطا فرمائے
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة

{ISTABA} Fwd: Urgent Urgent Please!




Dear Brs/Srs:
السلام عليكم ورحمة الله وبركاته

Urgent Janaza Funds are needed Please!

إن شاء الله This need VERIFIED by Brs. Hatem Fariz and Imam Sh Ahmad Sharaf.

Family of the deceased need our help to cover for Janaza expense
The immediate need is $3500.00
ediae need is for: $1000.00
Please mail your donations to:

Islamic Community of Tampa (ICT)
Attention: Janaza Fund
5910 E. 130th Avenue
Tampa, FL 33617

Phone: (813) 985-9433 E-mail:ICT@ICTampa.com Website: ICTAMPA.COM

*** Make check payable to "ICT"  in the memo mention "Janaza Fund " ***

Jazakum Allahu Khairan





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Mahmoud Elkasaby
ISTABA Management
813-270-5441
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{ISTABA} 2 JANAZAS TODAY (TWO BROTHERS PASSED AWAY THIS MORNING) AT SLIGH MASJID

ISLAMIC SOCIETY OF TAMPA BAY AREA

 

 

 

May 12th, 2013

Rajab 2nd, 1434

     

2 JANAZAS TODAY,

Br. DEEB AL-NAJJAR

&

Br. Moharam Mahmoud Ali

 

May 12th, 2013

After Dhuhr Prayer at 2:00 pm at ISTABA Masjid

صلاة الجنازة اليوم الأحد للأخ ديب النجار، من سوريا

والأخ محرم محمود علي، من مصر

 

 العزاء اليوم للرجال بمسجد القسام بعد صلاة المغرب والعزاء للنساء بمنزل الأخ محمد عرابي، الساعة 4 عصراً

8014 Capwood Ave, Tampa, Fl 33637

 

In the name of Allah, the Beneficent, the Merciful

"Help ye one another unto righteousness and pious duty. Help not one another unto sin and transgression"      [Quran 5:2]

 
Asalamu Alaikum,

 

To all Brothers and Sisters in Islam, on behalf of the Islamic Society of Tampa Bay Area (ISTABA) we request and ask for your Du'a for our Brother Deeb Al-Najjar who passed away early this morning Sunday, May 12th, 2013.

 

Br. Deeb Alnajjar is originally from Syria, father of Sr. Amani Alnajjar, father in law of Br. Mohamad Orabi.

 

Also there will be Janaza prayer for Br. Moharam Mahmoud Ali, originally from Egypt and Passed away this morning at the Moffit cancer center.

 

May Allah Have mercy on their souls. Amin

 

              Janaza prayer at ISTABA Masjid for Both

            7326 E. Sligh Ave., Tampa, Fl 33610

 

        Burial at Sunset Memory Gardens (Br. Deeb)

            11005 N. US Highway 301, Thonotosassa, Fl 33592

 

            Burial at Skyway Memorial Garden (Br. Moharam)

                5200 US 19 North, Palmetto, Fl 3221

 

        How to offer Janaza Prayer

                

 

Respectfully,

Mahmoud Elkasaby

ISTABA Management

YOUR DU'AS WILL BE APPRECIATED:

 

Some Practical Reminders

 

Surah 2 Al-Baqara, Ayat 155-156] And certainly, We shall test you with something of fear, hunger, loss of wealth, lives and fruits, but give glad tidings to As-Sâbirun. Who, when afflicted with calamity, say: "Truly! To Allâh we belong and truly, to Him we shall return.". They are those on whom are the Salawât from their Lord, and receive His Mercy, and it is they who are the guided-ones.

 

Du'as from holy Qur'an for Parents & Offspring:

 

[Surah 2 Baqarah, Ayat 128-129]

[Surah 14 Ibrahim, Ayat 40-41]

[Surah 17 Al-Isra, Ayat 23-25]

[Surah 25 Al-Furqan, Ayat 74]

[Surah 26 Al-Shuara, Ayat 83-85]

 

 

Du'as from- the holy Qur'an:

 

http://picasaweb.google.com/4U2Seee/DuasFromHolyQurAn

 

Hadith: Allah's Messenger said: "Whoever attends the Janazah until it is finished, will earn one Qirat, and who ever stays until the burial, will earn two Qirats. Someone asked: What a Qirat means? The Prophet (pbuh) answered:' It means rewards as big as a great mountain" (Bukhari & Muslim).

 

Hadith: On the authority of Suhaib, the Prophet (peace and blessings be upon him) is reported as having said: "How wonderful is the affair of the believer, for his affair is all good, and this applies to no one except the believer. If something good happens to him, he gives thanks and that is good for him, and if something bad happens to him, he bears it with patience, and he will be rewarded for that, so everything that Allah has decreed for the Muslim is good" (Muslim).

 

Hadith: According to an authentic hadith: "The greatest reward comes with the greatest trial. When Allah loves a people He tests them. Whoever accepts that wins His pleasure but whoever is discontent with that earns His wrath" (At-Tirmidhi).

 

Al-Hasan Al-Basri (may Allah bless his soul) said, "Do not hate the trials that befall you or the calamities that happen to you, for they may be something that you hate but it leads you to salvation, and there may be something that you love, but it brings to you your doom."

 

 

Jazakumullahu Khairan

Other than ISTABA's links, the Islamic Society of Tampa Bay Area is not responsible for contents on any of the posted links. The inclusion of any such links does not necessarily imply a recommendation or endorse the views expressed within them.

 

Islamic Society of Tampa Bay Area

 

7326 East Sligh Ave., Tampa, Fl 33610

www.ISTABA.org

813.628.0007


--
Mahmoud Elkasaby
ISTABA Management
813-270-5441
join us on FaceBood https://www.facebook.com/pages/Islamic-Society-of-Tampa-Bay-Area/223068557731678
 
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