Though with the last remnants of the Bayram still lingering around, the week has been rather busy.
The highlight for the Participation Banks was the new Murabaha Syndication for Albaraka Turk. It is a 1 year term of USD 240 million. Together with the USD 250 million syndication of Bank Asya and the USD 100 million Sukuk of Kuveyt Turk (all were several times oversubscribed) , it shows the credibility in the international financial community.
Apparently, Turkey is more looking towards the GCC. Trade with the region is going up and polls show that the “average Turk” – might he exist – agrees with that development.
Qatar First Investment Bank QFIB Shariah compliant private equity investment arm concluded the deal with the Memorial Health Group and announced more in the pipeline for Turkey.
The Dubai World deal gave the international community a sigh of relief, though there still are lots of problems ahead. It is however clear that the Islamic way of conflict resolution (Suhl and mediation for the benefit of the community) has to be preferred over Western-style (more individual oriented) litigation.
Whilst the PM pushes for more intensified trade with Iran – even a cooperation with their space project was rumored in the press - I did remember that Albaraka Turk announced in July (before the opening of the Blog) to be interested to open a branch office in Northern Iraq. A movement that more conventional Turkish banks are also making. Minister Davetoglu from his side is also looking for economic expansion in the Balkans and the Caucasus.
The Turkish economy undergoes a resilient growth and the stock markets reacted abundantly on the YES-vote for the referendum. Turkey is shaping up.
The Turkish Dow Jones Islamic Market Index DJIM was reviewed and expanded.
On the Fiqh-side, the Tawarruq-issue continues to stir unrest. See the remark of a senior Scholar at the IDB. Those of you interested, but not really introduced in the concept, may contact me.
