A bill that allows Turkey to join an Islamic production deal was postponed in 2004. DAILY NEWS photo (source)
Turkey’s Parliament this week approved a bill related to an international deal that promotes enterprises operating in accordance with Islamic principals and foresees solving some problems according to Islamic law.
Parliament stipulated that the Constitution and other laws would still apply for the articles applied to the Islamic law.
The Islamic Development Bank, or IsDB, a multilateral development financing institution, will transfer financial resources to companies in Turkey operating with “Islamic production” procedures, according to the Islamic Corporation for the Development of the Private Sector, or ICD, agreement signed in 1999 with IsDB member countries.
Companies processing pork products, tourism facilities providing service for both women and men and alcohol companies will be excluded from this financial support.
According to the bill, the institution has $1 billion in capital and Turkey will pay $11.8 million to join the agreement.
The ICD provides financial and technical support to companies in Muslim countries, according to the agreement.
The bill also implements a control system for companies to determine if they operate in parallel with Islamic production procedures. According to the 29th article of the agreement, the Saudi Arabia-based Islamic Law Committee will determine whether Turkish companies operate in accordance with Islamic Law.
The committee will consist of three religious functionaries elected for three years. They will decide if the investments of companies are proper under shariah.
The 55th article of the agreement specifies the arbitration of the Islamic Court of Justice to solve possible problems among member countries.
The bill, which was first discussed in 2004 and postponed to a future date by strong opposition in Parliament, was taken once again to Parliament’s agenda and approved in April.
Source : http://www.hurriyetdailynews.com/n.php?n=turkish-parliament-approves-bill-for-islamic-production-deal-2011-02-25 - Feb 25, 2011
Parliament stipulated that the Constitution and other laws would still apply for the articles applied to the Islamic law.
The Islamic Development Bank, or IsDB, a multilateral development financing institution, will transfer financial resources to companies in Turkey operating with “Islamic production” procedures, according to the Islamic Corporation for the Development of the Private Sector, or ICD, agreement signed in 1999 with IsDB member countries.
Companies processing pork products, tourism facilities providing service for both women and men and alcohol companies will be excluded from this financial support.
According to the bill, the institution has $1 billion in capital and Turkey will pay $11.8 million to join the agreement.
The ICD provides financial and technical support to companies in Muslim countries, according to the agreement.
The bill also implements a control system for companies to determine if they operate in parallel with Islamic production procedures. According to the 29th article of the agreement, the Saudi Arabia-based Islamic Law Committee will determine whether Turkish companies operate in accordance with Islamic Law.
The committee will consist of three religious functionaries elected for three years. They will decide if the investments of companies are proper under shariah.
The 55th article of the agreement specifies the arbitration of the Islamic Court of Justice to solve possible problems among member countries.
The bill, which was first discussed in 2004 and postponed to a future date by strong opposition in Parliament, was taken once again to Parliament’s agenda and approved in April.
Source : http://www.hurriyetdailynews.com/n.php?n=turkish-parliament-approves-bill-for-islamic-production-deal-2011-02-25 - Feb 25, 2011
