ARTICLE - Talking Turkey

theislamicglobe.com - In quiet corners in the established Islamic finance hubs of the GCC and Malaysia, jittery Islamic bankers whisper tales of a great power rising in the west.

The fear is not the old crusaders and imperialists of Europe and America, but a modern, democratic, secular nation at the bridge between Europe and Asia: Turkey.

Although the development of c, known in Turkey as participation banks, is no secret, there is a definitive pique in interest from the established powers in Islamic banking in doing business with and doing business in Turkey.  (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)

BANKING - Hungary hungry for IF - Kuveyt Turk present

Hungary's first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary's Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger. Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari'ah compliant bank, called Magyar Iszlam Bank in the coming years.(source)

BANKING - Qatar Islamic Bank eyeing up Bank Asya

The new, but lucrative participation banking sector in Turkey is attracting the covetous glances of foreign Islamic banks, at a time when the Arab world is in turmoil. Local news source, Haberturk, raised the specter that foreign buyers were looking to secure a stake in Asya Katilim Bankasi, Turkey’s largest participation bank. Because of Turkey’s secularist constitution, Islamic banks are referred to as participation banks. The report claimed that HSBC had been mandated to sell 25% of Bank Asya to Qatar Islamic Bank – this was swiftly denied by Bank Asya, but neither confirmed nor denied by QIB. (full story)

BANKING - Central Bank policies hurting Islamic lenders

Ufuk Uyan

Ufuk Uyan, general manager of Kuveyt Turk has told The Islamic Globe: “I believe non-interest banking will enter a new period of healthy growth worldwide, shrugging off the indirect effects of the global crisis.”

Uyan argued that global Islamic banking had sidestepped the worst of the financial crisis as it does not deal with complex derivative products or packaging and reselling of debt. (full story)

BANKING - Albaraka Turk in Balkan move

Fahrettin Yahsi, general manager of Istanbul-based participation bank, Albaraka Turk has dropped the hint that his bank is looking to expand into the Balkans through a JV with a local partner.


Speaking at a press conference in Istanbul, Yahsi said that Albaraka Turk was in the process of expanding overseas, with the Balkans as a prime target as the region has little in the way of Islamic banking. Concerning the markets Albaraka Turk was thinking of moving into, he said: “One is Bosnia and the other is Albania”.


He did stress this would have to be in partnership with a local institution, he said:  “Regarding a partnership, this is still in the project phase. We haven’t started official talks yet, but this is the type of initiative we are interested in.” (full story)

TAKAFUL - Neova in Central Asia push

Bulent Ozgur Koc - CEO, Neova Sigorta

Turkish insurer, Neova Sigorta, which started offering Takaful in Turkey last October, is planning to expand into Central Asia and Eastern Europe once it has strengthened its position in Turkey, its CEO said.

“Our priority is Turkey of course, but we are also interested in Central Asia and Eastern Europe in the longer term,” CEO Özgür Bülent Koç told The Islamic Globe.

 “First, we would like to develop our brand in Turkey and fulfill our potential here. After that, we may expand into the Turkic republics in Central Asia and then look into some of the Balkan countries such as Macedonia, Bosnia and Herzegovina, and Kosovo,” he added.(full story)