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Turkey, 27 July 2010 - Kuveyt Türk Participation Bank of Turkey (Kuveyt Türk) paves the way for product innovation by offering GoldPlus, a gold-based exchange-traded fund (ETF), to customers and investors. Promoting gold as a financial instrument, the initiative marks the first ETF issued by a participation bank based on gold. It also makes Kuveyt Türk the first participation bank to set up an interest-free ETF in Turkey. Book building started after the Initial Public Offering (IPO) had been completed and the fund was fully established.
Sharing information about GoldPlus, Mr. Ufuk Uyan, Chief Executive Officer of Kuveyt Türk, said, “As a participation bank, we are dedicated to providing new products to our customers and investors. We decided to issue a gold-based ETF to take advantage of our longstanding experience in the gold market. With GoldPlus, we aim to offer opportunities to invest in gold through the capital markets to both our existing and potential customers. We will play a pioneering role in filling the gap in this area by offering new and different investment and treasury products on an interest-free basis.” Mr. Uyan stressed that GoldPlus was unique as an interest-free financial instrument, and expected institutional investors to show interest in the fund.
The gold-based ETF will be traded under the code GOLDP in the Istanbul Stock Exchange and managed by Bizim Menkul Değerler following the IPO. Each share in the gold-based ETF will represent approximately one gram of gold. The fund’s portfolio will be managed according to the principles of the participation bank. Since ETFs are internationally recognized products, overseas interest in GoldPlus is also expected. The written-down value of the fund will be monitored under code GOLDPI.
About Kuwait Turk Participation Bank Inc.
Kuveyt Türk Participation Bank Inc. (Kuveyt Türk) was established in 1989 with the support of Kuwait Finance House, Turkish General Directorate of Foundations, Kuwait Social Security Institution, and Islamic Development Bank. Kuwait Finance House is the majority shareholder with 62 percent in the company. The Bank is headquartered in İstanbul and has a network of 120 corporate and retail branches, as well as one offshore branch in Bahrain. The award –winning Bank’s primary scope of business is managing funds, while it also offers financing facilities to its customers. All activities are based on the interest-free banking principles.
Sharing information about GoldPlus, Mr. Ufuk Uyan, Chief Executive Officer of Kuveyt Türk, said, “As a participation bank, we are dedicated to providing new products to our customers and investors. We decided to issue a gold-based ETF to take advantage of our longstanding experience in the gold market. With GoldPlus, we aim to offer opportunities to invest in gold through the capital markets to both our existing and potential customers. We will play a pioneering role in filling the gap in this area by offering new and different investment and treasury products on an interest-free basis.” Mr. Uyan stressed that GoldPlus was unique as an interest-free financial instrument, and expected institutional investors to show interest in the fund.
The gold-based ETF will be traded under the code GOLDP in the Istanbul Stock Exchange and managed by Bizim Menkul Değerler following the IPO. Each share in the gold-based ETF will represent approximately one gram of gold. The fund’s portfolio will be managed according to the principles of the participation bank. Since ETFs are internationally recognized products, overseas interest in GoldPlus is also expected. The written-down value of the fund will be monitored under code GOLDPI.
About Kuwait Turk Participation Bank Inc.
Kuveyt Türk Participation Bank Inc. (Kuveyt Türk) was established in 1989 with the support of Kuwait Finance House, Turkish General Directorate of Foundations, Kuwait Social Security Institution, and Islamic Development Bank. Kuwait Finance House is the majority shareholder with 62 percent in the company. The Bank is headquartered in İstanbul and has a network of 120 corporate and retail branches, as well as one offshore branch in Bahrain. The award –winning Bank’s primary scope of business is managing funds, while it also offers financing facilities to its customers. All activities are based on the interest-free banking principles.
