TAX - New tax incentives prop Istanbul as a finance hub

www.hurriyetdailynews.com - The proposed bill provides government incentives for asset management funds established in Turkey and the international funds run by these companies

As a part of the Turkish government’s project to transform Istanbul into a regional financial hub, a draft bill passed Parliament’s General Assembly on May 31 that will change some tax regulations that have been seen as an obstacle preventing fund management firms from opening offices in Turkey.

The new bill provides government incentives and related regulations for asset management companies founded in Turkey and the international funds run by these companies. The bill also encourages the management of foreign funds from Istanbul, to develop and deepen local financial markets. (source)

BANKING - Bank Asya introduces interest-free private pension plans

www.todayszaman.com -Bank Asya will begin collecting interest-free funds through its newly established firm to provide private pension plans, also known as Bireysel Emeklilik Sistemi (BES), in Turkey.

Bank Asya, one of the participation banks in Turkey, will be introducing the option of private pension plans to its customers in the near future. General Manager Abdullah Çelik called the service a new development for participation banks and said, “By adding BES to our services, we have expanded our reach.” (source)

WORLD - Ernst & Young: The growth of Islamic assets Funds 7.6% in 2010

234next.com - Ernst & Young said on Monday that the assets held by Islamic funds around the world, jumped 7.6 percent in 2010 to 58 billion dollars, which is due to new cash flows and the strength in fixed income, commodities and alternative investments.

Compared to the origins of Islamic funds $ 53.9 billion in 2009 and 4.51 billion dollars in 2008. (source)

FINANCE - Kuwait Finance House's local real estate portfolio 2 offers 6% annual return (and KFH Turkey Real Estate Fund)

The Private Financial Services Department Manager at Kuwait Finance House (KFH) Talal Al-Nesf announced that KFH's local real estate portfolio 2 achieved high returns that resulted in the distribution of 6 % annual profit.