Tagged: Hurriyet Daily News

Islamic banks’ share set to rise in Turkey

Islamic banks’ share set to rise in Turkey

<p>According to Turkish Deputy Prime Minister Ali Babacan, the number of participation bank branches has reached 869, thier size of assets has increased to 81.5 billion Turkish Liras. Therefore, the participation banks&rsquo; share in assets is 5 percent and in funds it&rsquo;s 6 percent. However, these figures are below expectations, he added. The minister stated that the tax difference between sukuk and bonds has been removed, legislation related to Islamic financing has been completed, and the private pension system has become able to be built on non-interest instruments. Moreover, Turkey has expressed its intention to create a legal basis for Takaful insurance, since Bahrain-based Albaraka is planning to found an Islamic insurance firm. Furthermore, two new participation banks from the Gulf countries had been preparing to enter to the country.</p>
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<p><a href="http://www.hurriyetdailynews.com/islamic-banks-share-set-to-rise-in-turkey.aspx?pageID=238&amp;nID=49187&amp;NewsCatID=346" title="http://www.hurriyetdailynews.com/islamic-banks-share-set-to-rise-in-turkey.aspx?pageID=238&amp;nID=49187&amp;NewsCatID=346">http://www.hurriyetdailynews.com/islamic-banks-share-set-to-rise-in-turk…</a></p>
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Istanbul bourse targets being Islamic finance center

Istanbul bourse targets being Islamic finance center

<p>Borsa Istanbul (BIST) aims to become one of the most prominent centers that work in accordance with the principles of participation banking in the Middle East, Europe and Africa. Capital Markets Board (SPK) has prepared a regulation on non-interest financing tools, such as five new types of Islamic bond. The new rules, which were sent to Prime Minister&rsquo;s office for approval this week, will allow Turkish corporate and banks, as well as the Treasury, to issue the world&rsquo;s most widely used types of sukuk, giving them access to a wider pool of investors via a global market estimated at more than $100 billion. Turkey has also started an initiative to allow companies from 60 countries, chosen according to BIST&rsquo;s vision of &ldquo;Istanbul International Finance Center,&rdquo; to sell their capital market tools in Istanbul and also to buy and sale of tools which are already sold.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.hurriyetdailynews.com/istanbul-bourse-targets-being-islamic-finance-center.aspx?pageID=238&amp;nID=47984&amp;NewsCatID=346" title="http://www.hurriyetdailynews.com/istanbul-bourse-targets-being-islamic-finance-center.aspx?pageID=238&amp;nID=47984&amp;NewsCatID=346">http://www.hurriyetdailynews.com/istanbul-bourse-targets-being-islamic-f…</a></p>
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Turkey urges bosses to invest in Saudi Arabia

Turkey urges bosses to invest in Saudi Arabia

The Turkish Economy Minister Zafer Ça?lyan signed a memorandum of understanding (MoU) with the members of the Islamic Development Bank (IDB) on March 2 during a recent visit to Saudi Arabia. Through the MoU, he is aiming to form new trade and investment ties with the Islamic world. It includes the detection of fields of cooperation between the countries to encourage bilateral trade and investments. Moreover, Ça?layan called for Turkish contractors to take a share from Saudi Arabian infrastructure investments in order to reach $1 trillion in 20 years.