EVENTS - Malaysia and Turkey exploring opportunities in ‘New Silk Route’

In the corridors of power in Ankara, a new thinking is emerging especially among the “Young Turks” of the Turkish establishment.

A combination of the aftermath of the global financial crisis; the seemingly intractable euro zone debt crisis with neighboring rival, Greece, bearing the brunt of the criticism; and endless obfuscation and simmering opposition by some diehard opponents to Turkish membership of the European Union; and the uncertainty in the Middle East and North Africa (MENA) region because of the so-called “Arab Spring,” is forcing Ankara to look beyond its traditional trading partners and markets in the EU and the Middle East and to consider alternative ways of raising funds and investments into the country. (source)

BANKING - A slice of Turkey : Islamic finance

From east to west everyone wants a slice of Turkey. Last week at the same time the country was hosting a UK business delegation led by business secretary Vince Cable, Malaysia's Islamic finance big guns were in Ankara and Istanbul setting out on "the new silk route in Islamic finance". (source)

EVENTS - Deputy Governor's Opening Remarks at Business Seminar on Islamic Finance Istanbul : "Malaysia-Turkey Islamic Finance Cooperation: New Solution - Preferred Partner"

BNM.GOV.MY

Speaker : Dato' Muhammad bin Ibrahim Venue : Turkey Date : 29 September 2011 Language : English

I have the honour today to welcome distinguished guests to the Business Seminar organised by Bank Negara Malaysia, held in this beautiful and historic city of Istanbul. The theme "Malaysia and Turkey: The New Silk Route in Islamic Finance - Strategies for Collaboration, Cooperation and Smart Partnership" was chosen as a reflection of our desire to strengthen economic and business ties for the mutual benefits of both countries. The emergence of the 'Silk Route', a term coined by Governor Dr Zeti in 2006 opens up exciting prospects for countries and businesses. The new 'Silk Route' not only carries traditional trade of goods and services of old but also manufactured goods, technological innovation and know-how, portfolio flows, private equity investment and mobility of human capital and knowledge. Today, Islamic financial products and services are truly 'new' additions to this trade.  (source)

FINANCE - Murat Cizakca (Inceif-Malaysia) - Islamic Countries Should Continue To Use Paper Currency

KUALA LUMPUR, Monday 17 January 2011 (Bernama) -- Islamic countries should continue to use paper currency instead of gold dinar as history has shown that the return to the coinage system could increase interest rates and inflation would be difficult to control.

Professor of Comparative Economic History at International Centre for Education in Islamic Finance (INCEIF), Dr Murat Cizakca, said money should serve as a medium of exchange, not as a commodity.

"We need to continue with paper currency, and the central banks controlling paper currency should have full autonomy," he said.(source)

COUNTRY REVIEW - FRANCE - most prominent mover 2010

Most of you will know that I do follow up close what is happening in the greater European area in the field of Islamic finance.

I just made a short review about the most prominent mover over the year 2010.

France managed to adapt following tax regulations for the introduction of Islamic (finance) contracts : Murabahah, Ijara, Istisna and there were specific changes to allow Sukuk.

LUXEMBOURG - Luxembourg's Finmin sees incredible opportunities in Istanbul

Luxembourg's Finance Minister Luc Frieden said that he saw incredible cooperation opportunities in Istanbul.

Attending a seminar at Istanbul Stock Exchange (ISE) titled "Financial Cooperation Opportunities between Luxembourg and Turkey" on Tuesday, Frieden said that the EU and Luxembourg had many things to learn from Turkey, adding that Turkey and Istanbul also had lessons to learn from Luxembourg.

Frieden said that Luxembourg was on a very important place in the aspect of cross-border investment funds.Noting that it was important to have an international structure, Frieden said that laws and regulations should be in line with the international community.