INTERVIEW - Hussain Erkan - Turkey strives to build closer links with GCC stock exchanges

Turkey has been building capital market bridges to GCC and South East Asia, and chairman of the Istanbul Stock Exchange, Hussain Erkan, has been a leading architect in establishing dialogue, hosting events, and facilitating cooperation and coordination with his counterparts for both Islamic and conventional finance. In this interview, Erkan shares his thoughts on the challenges and progress of Islamic finance in Turkey, among various other issues. He is hopeful that the improvements made should be able to attract investors from the GCC. 

 

Gulf News: Would you kindly explain the role of Istanbul Stock Exchange in providing opportunities for those interested in Islamic finance?

Hussain Erkan: Islamic countries have a huge potential to create wealth in the economy with their rich resources and are capable of achieving more by improving their capital market structure. Since 2005, under the activities of Standing Committee for Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation (COMCEC), Istanbul Stock Exchange (ISE) has been working on creating this awareness and developing the exchange industry in Islamic countries by acting as the coordinator of the Organisation of Islamic Cooperation (OIC) member states’ Stock Exchanges Forum. We also cooperate with other international institutions such as IIFM (International Islamic Financial Market)? on developing an appropriate structure to create solutions for increasing the liquidity of Islamic capital market instruments. (source)

FINANCE - Turkey’s Islamic Bank gets $75 million from IDB

microfinancefocus.com - The Islamic Development Bank (IDB) has assigned $75 million line of finance to Turkey’s Islamic Bank, Turkye Finans Participation Bank. At the 27th meeting of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation, (COMCEC), in Istanbul, IDB Group President Dr. Ahmad Mohamed Ali signed an agreement with the one of Turkey’s largest Islamic Banks.  (source)

Turkey urges OIC members to ratify origin rules for PTA

Turkish president has called on member countries of the Organization of the Islamic Conference (OIC) to ratify the rules of origin agreement that would effectively lay the legal foundations of a preferential trade deal among OIC members.

"One more country needs to ratify the rules of origin agreement to complete the legal basis of the preferential trade agreement. I am calling on member countries to complete the ratification procedures," Abdullah Gul said in a message he sent to the 27th meeting of the Standing Committee for Economic & Commercial Cooperation (COMCEC) of in Ankara.

The "Preferential Trade System" envisages a transition to a three-step tax reduction system among Muslim countries. To be launched, the plan requires the approval of at least 10 member states.

"The functioning of the preferential trade deal would further boost trade among the OIC countries." (source)

EVENTS - COMCEC - IDB - Ankara-Turkey, June 1-2, 2011

IDB

Progress report on the ITFC's role in the promotion of intra-OIC trade

Information brochure

27th Meeting of the Follow-up Committee of the COMCEC (Ankara, Turkey, 1-2 June 2011)

FINANCE - EVENTS - Turkish state minister visited the 13th MUSIAD International Fair

Businessmen from Islamic countries gathered and exchanged views on trade and investments

Turkish state minister visited the 13th MUSIAD International Fair in Istanbul on Friday.

State Minister Cevdet Yilmaz told AA correspondent that the fair organized by Independent Industrialists' and Businessmen's Association (MUSIAD) during the meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference (OIC) was a positive and favorable event.

CONFERENCE - Istanbul to host 26th session of COMCEC

Turkish President Abdullah Gul would make opening of the session on October 7. 

26th session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Conference (OIC) will be held at the Istanbul Congress Center in Istanbul on October 5-8, 2010.