Kuveyt Türk Katılım Bankası Anonim Şirketi and ıts Subsıdıarıes notes to consolıdated fınancıal statements (contınued) December 31, 2008 81 6.
Kuveyt Türk Katılım Bankası Anonim Şirketi and ıts Subsıdıarıes notes to consolıdated fınancıal statements (contınued) December 31, 2008 81 6. Financial assets Available-for-sale 2008 At cost Participation funds Unlisted shares (*) Total available-for-sale Şnancial assets (*) The breakdown of unlisted shares is as follows: 1,389 1,389 577 577 2007 2008 Nature of business Islamic International Rating Agency (IRA) Haliç Sigorta AŞ Financial information Insurance % 8.99 6.99 Amount 577 812 1,389 % 12.43 - 2007 Amount 577 577 The Bank has participated in establishment of Haliç Sigorta A.Ş. on October 2008 with 6.99% participation share, which is amounting to TL 812. Parent Company of Haliç Sigorta is Turkapital Holding B.S.C.C.. The fair value of the above listed available-for-sale investments can not be reliably estimated. There is no market for these investments. The Group does not intend to dispose its shares in IRA or Haliç Sigorta A.Ş. Held to maturity Held to maturity assets include a Sukuk investment amounting to TL 7,583 that is invested by the Bahrain branch of the Bank (December 31, 2007 TL 5,852). Islamic bond products are represented by Sukuks. It has a maturity that is determined in advance and is backed by an asset which makes it possible for the investment to earn a return without payment of interest. Sukuks are structured in such a way that their holders run a credit risk and receive part of the profit and not a fixed interest payment in advance. The maturity of the Sukuk is 2010 with quarterly payments. The rate of the Sukuk is Libor+2%. Held for trading Financial assets held for trading includes share certificates listed in the Istanbul Stock Exchange (ISE) amounting to TL 64 (December 31, 2007 TL 133). The movement in financial assets may be summarized as follows: Financial investments Available for sale At the beginning of the year 577 812 1,389 Held to maturity 5,852 1,731 7,583 2008 Held for trading Available for sale 1,012 3 272 (710) 577 Held to maturity 5,852 5,852 2007 Held for trading 160 (27) 133 (69) 64 Exchange differences Additions Disposals (sale and redemption) Fair value movement Impairment losses Balance at the end of the year 133