“We find [developing the sukuk market] important in terms of the diversification of financial sources and investment options for both national and international investors. The Turkish Treasury’s move to issue rent certificates will encourage the private sector as well. We have completed regulations on rent certificate issuance,” he said at a joint press conference with Finance Minister Mehmet Şimşek. (source)
The total issuance of rent certificates in the world had amounted to $170 billion as of today, Babacan said at the meeting, which focused on issues discussed in the Cabinet and the Economy Coordination Committee. The deepening of the rent certificate market is important for Istanbul’s bid to become an international finance center, he said.
“We think it will not be only a national market, but a regional and global market. These certificates will be traded on the Istanbul Stock Exchange [İMKB] everyday,” he said.
Şimşek said the regulation would lift obstacles against international funds that are active in Turkey. Only the domestic revenues of these funds will be subject to taxation, he said, adding that portfolio managers could participate in these funds up to a total of 20 percent. A number of local participation banks are waiting for the sukuk issue to replace their some government bonds, which are doubted to be interest-based.
A fee of 100 liras will be charged on cell phones brought in from abroad, Şimşek also said at the meet.
Source : http://www.hurriyetdailynews.com/the-turkish-treasury-close-to-launch-islamic-rent-certificates.aspx?pageID=238&nID=18667&NewsCatID=344 - April 18, 2012
