Islamic Development Bank finalizing 4-year Turkish plan

The Islamic Development Bank (IsDB) Group is working on finalizing a four-year partnership strategy plan with Turkey, according to the bank’s director general of country relations and services.”We aim to invest in various sectors that will fuel growth such as infrastructure, energy, transportation, and education,” Walid Abdelwahab told Anadolu Agency, fresh off an exporters and investors summit last week in Turkey’s Aegean province of Izmir co-organized by the IsDB Group and Turk Eximbank.

Source: www.aa.com.tr

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Turkey’s Ziraat Bank to become sole owner of Uzbekistan’s UTBank

Ziraat announced that it would buy the remaining shares of the Uzbekistan bank that it does not yet already own. Half of UTBANK’s shares belong to the Ziraat Finance Group and the other 50 percent belongs to another Uzbekistan bank — Agrobank, which serves the agricultural sector in Uzbekistan, Ilker Met, the head of Ziraat Bank’s Enterprise Architecture Group.The bank would also be rebranded once the purchase has been completed. Met said that since its establishment, UTBANK had contributed to the development of foreign trade and production between the two countries.

 

Source: www.trtworld.com

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London’s City will support Turkey for an era of strong growth

Islamic finance has developed into an important new financial market, with the global Islamic finance sector estimated to have assets worth around $2 trillion, a figure that is expected to grow at around 20 percent a year over the next decade. Over the last few years especially the range of Islamic financial products available in the global market has widened. This has enabled additional funds to be mobilized to promote economic development and growth in both developed and developing economies.

Sourced from: www.dailysabah.com

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New UN technology bank to be headquartered in Turkey

‘Milestone’ technology bank to help least-developed countries to be housed in Kocaeli, 70 km from Istanbul, says TUBITAK – The UN said Friday that next year it is setting up a technology bank to speed the advancement of the world’s least-developed countries, headquartered near Istanbul, Turkey. The new bank is a “vital milestone” for the world’s poorest countries, said Gyan Chandra Acharya, the UN’s high-representative and undersecretary-general for the least developed countries, landlocked developing countries, and small island developing states.

 

Sourced from: aa.com.tr

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Bahraini bank eyes further investment in Turkey

We want to make new investments in health, education and food sectors, Venture Capital Bank official says. We trust the growth potential of the Turkish economy. We want to make new investments in health, education and food sectors in Turkey in 2017,” Mohammed Janahi told Anadolu Agency on Thursday.

Sourced from: aa.com.tr

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New Islamic finance guidance on gold emphasises real deal

The guidelines will help to increase acceptance of gold products among Islamic investors while giving Islamic banks new liquidity-management tools, said Hamed Hassan Merah, secretary-general of AAOIFI. DUBAI: Islamic finance experts have developed new rules for gold transactions, they said on Monday, potentially opening the way for Islamic institutions to trade gold and silver much more actively. Gold transactions must be fully backed by physical metal and settled on the same day, the developers of the new guidance said, to observe Islam’s distinction between real economic activity and speculation.

Sourced from: www.freemalaysiatoday.com

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Turkey committed to boost participation banking sector

Turkey aims to be one of largest hubs for the participation banking sector, Deputy Prime Minister Mehmet Simsek said on Monday. Participation banking in Turkey commonly refers to Islamic finance, which requires interest-free lending.

Sourced from: www.gatewayturkey.com

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Aktif Bank starts to operate in Islamic Leasing in Turkey together with the Islamic Corporation for the Development of the Private Sector (ICD) and Ijara Management Company (IMC)

The Islamic Corporation for the Development of the Private Sector (ICD), Aktif Bank and Ijara Management Company Sign Shareholders Agreement for Joint Strategic Collaboration in Haliç Finansal Kiralama A.S. Haliç Leasing will be able to raise the long-term funds locally and internationally via Sukuk issuances thanks to extensive knowledge of Aktif Bank on capital markets

Sourced through Scoop.it from: www.icd.africa-newsroom.com

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Islamic Development Bank ‘committed’ to Turkish economy

The head of the Islamic Development Bank Group (IsDB) said on Saturday he was pleased with the resilience of a Turkish economy shaken by the July 15 coup attempt. Ahmad Mohamed Ali said the IsDB had an unwavering commitment to the Turkish people and the government which would not change.

Sourced from: www.turkiyenewspaper.com

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S&P forecasts 10 pct of Turkish banking will be Islamic in 2025

 

A recent report examining new developments in Islamic finance in Turkey by the U.S.-based credit rating agency Standard & Poor’s (S&P) said it expect that the Islamic (participation) banking sector, which is steadily gaining momentum in Turkey, will increase its share of the Turkish banking sector from its current 5 percent to over 10 percent in 2025.

Sourced from: www.dailysabah.com

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