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)

EVENTS - Conference on the Role of Sukuk in Development, Istanbul, Turkey, May 18, 2012

AGENDA                                  PRESENTATIONS

                     

The World Bank,  in partnership with Capital Markets Board of Turkey, and Albaraka Banking Group organized a conference entitled, The Role of Sukuk in Development. The conference brought together policy-makers, standard-setters, market practitioners, and international organizations to discuss how best to unlock the potential of sukuk markets in support of growth and development. (source)

In recent years, the Islamic finance industry has grown rapidly, at more than 15% per annum. Despite its remarkable growth, Islamic finance is still largely concentrated in the banking business. In many countries with a significant Islamic finance industry, markets for Islamic bonds (Sukuk) are still relatively small and underdeveloped. Well-developed Sukuk markets would create alternative investment instruments for the Muslim populations and help enhance access to financial services while deepening the capital markets.

During this one day conference, leading experts from the International Monetary Fund (IMF), the World Bank Group (WBG), the Islamic Financial Standards Board (IFSB), the International Islamic Financial Market (IIFM), government agencies as well as the financial institutions pioneering in Sukuk issuances shared their experience and exchanged their views with the participants.

Panels addressed the following key questions:

		•  What are the potential benefits of Sukuk markets?
		•  How can these markets contribute to growth and development in countries with Muslim population?
		•  What are the main policy,regulatory, and institutional requirements for the development of Sukuk     markets?
		•  What needs to be done to unlock the potential of the market?
		•  What are the practical issues relating to the structuring of Sukuk issues? (source - agenda - presentations)

EVENTS - IFSB SUMMIT - Industry Leaders Discuss the Impact of Global Regulatory Reforms on the Islamic Financial Services Industry

www.ifsb.org -  Industry Leaders Discuss the Impact of Global Regulatory Reforms on the Islamic Financial Services Industry  Istanbul, 17 May 2012 - There is a need to find the remedy to the challenges facing the global financial services industry. Islamic finance provides a solution but legal and regulatory challenges facing the industry need to be addressed.

This was the consensus of the distinguished speakers at the first day of the 9^th IFSB Summit themed as “Global Financial Reforms: The Changing Regulatory Model and Islamic Finance” that is hosted by the Central Bank of the Republic of Turkey. (source)

EVENTS - IFSB SUMMIT - Turkey seeks market capitalism alternatives

www.saudigazette.com.sa - ISTANBUL — If you have any doubt that Islamic finance is creeping into the mainstream global financial system where it matters, albeit cautiously and perhaps in some instances even apologetically, then you should have been in Istanbul last week.

Perhaps Turkey may not be perceived as the natural bedfellow of the Islamic finance industry, but contrary to popular misconception, next year will be the 30th anniversary of the introduction of the special decree (No. 831/7506 of 16 December 1983 issued by the Council of Ministers) allowing the establishment of Special Finance Houses (the euphemism for interest-free Islamic banks).

Armed with the ambition of transforming Istanbul into a regional and international financial center (and no financial center these days can be complete without also offering an Islamic banking and investment proposition) and with the sovereign debt chaos emanating from the West European continent, Turkey like several other countries is seeking alternatives to the unbridled market capitalism responsible for the near meltdown. (source)

EVENTS - IFSB Summit - Islamic Financial Services Industry Helpıng to Enhance the Resilience and Stability of the Global Financial System

www.ifsb.org -Islamic Financial Services Industry Helpıng to Enhance the Resilience and Stability of the Global Financial System

Istanbul, 16 May 2012 – The intrinsic strengths of Islamic financial services industry, if fully explored, could help build a robust, resilient and just financial system that not only supports growth and economic activity but also ascertains a more inclusive financial system. This was among the discussions made by the distinguished speakers at the Opening and Keynote Session of the 9^th IFSB Summit that commenced in the Istanbul, Turkey today. The 2-day IFSB Summit themed as “Global Financial Reforms: The Changing Regulatory Model and Islamic Finance” is being hosted by the Central Bank of the Republic of Turkey and is being attended by more than 200 delegates across the globe comprising of officials and representatives from international institutions, supervisory bodies, market players, academia, rating agencies and other stakeholders of Islamic financial services industry. (source)

OIC - COOPERATION ISLAMIC CAPITAL MARKETS - Memorandum of Understanding between Bank Negara Malaysia and Central Bank of the Republic of Turkey

www.bnm.gov.my - A Memorandum of Understanding (MoU) has been signed between Bank Negara Malaysia and the Central Bank of the Republic of Turkey on 16 May 2012 in Istanbul, Turkey by Dr. Zeti Akhtar Aziz, Governor of the Bank Negara Malaysia and Dr. Erdem Başçı, Governor of the Central Bank of the Republic of Turkey.

The MoU aims to foster strategic cooperation between Malaysia and the Republic of Turkey towards promoting bilateral investment and liquidity arrangements, to support the development of the financial services sector in both countries, and to enhance economic and financial linkages between the two countries through bilateral trade and investment. This will also include building the required financial infrastructure, payments and settlements arrangements to facilitate bilateral trade in the respective local currencies of the two countries. (source)

EVENTS - IFSB - Malaysia Leverages its Islamic Finance Experience to Promote Global Financial Linkages at Country Showcase during 9th Annual IFSB Summit in Istanbul

www.ifsb.org -Malaysia Leverages its Islamic Finance Experience to Promote Global Financial Linkages at Country Showcase during 9th Annual IFSB Summit in Istanbul

Kuala Lumpur, 10 May 2012 – Malaysia will showcase its vast experience in Islamic banking and finance with a Country Showcase event preceding the 9th Annual Summit of the Islamic Financial Services Board (IFSB) which is scheduled to be held on 16 - 17 May 2012 at the Swissotel, The Bosphorus in Istanbul, hosted for the first time by the Central Bank of the Republic of Turkey. (source)

EVENTS - Turkey Showcases the Role of Islamic Money and Capital Markets at the 9th Annual IFSB Summit in Istanbul in May

www.ifsb.org - Turkey Showcases the Role of Islamic Money and Capital Markets at the 9th Annual IFSB Summit in Istanbul in May Kuala Lumpur, 25 April 2012 - Turkey, the host country of the upcoming 9th Annual Summit of the Islamic Financial Services Board (IFSB) which is scheduled to be held at the Swissotel, The Bosphorus in Istanbul on 16 - 17 May 2012, is positioning itself as an important Islamic capital and money market.

The Central Bank of Turkey, which is hosting this year’s IFSB Summit, is organising as a pre-Summit event, a landmark Country Showcase in association with the Yildiz Technical University in Istanbul on the pertinent theme “The Role of Interest-free Financial Instruments in the Money and Capital Markets”.

 The theme of the Turkey Showcase has important synergies with the Summit theme, ‘Global Financial Reforms: The Changing Regulatory Model and Islamic Finance’ which aims to evaluate whether reforms in financial regulation structure and prudential standards equally equip the Islamic financial services industry in addressing its future challenges as well as identifying the priority areas in the prudential regulation of Islamic finance that may need focus and attention by regulators and market players alike. (source)

EVENTS - IFSB SUMMIT ISTANBUL - Invitation to the Malaysia Country Showcase & Business Roundtables 15 May 2012, Istanbul, Turkey

Programme MCS - Foreign

EVENTS - IFSB SUMMIT ISTANBUL - Invitation to the Malaysia Country Showcase & Business Roundtables 15 May 2012, Istanbul, Turkey

MIFC Business Roundtables_revised

EVENTS - IFSB SUMMIT ISTANBUL - Invitation to the Malaysia Country Showcase & Business Roundtables 15 May 2012, Istanbul, Turkey

Invitation to the Malaysia Country Showcase

& Business Roundtables

15 May 2012, Istanbul, Turkey

Bank Negara Malaysia (the Central Bank of Malaysia) will be organizing the Malaysia Country Showcase (Showcase) on 15 May 2012 at Swissotel The Bosphorus, Istanbul, Turkey. The Showcase is held in conjunction with the 9 th Islamic Financial Services Board Summit and organised in support of the Malaysia International Islamic Financial Centre (MIFC) initiative.

Themed “Promoting greater financial and economic linkages in Islamic finance”, the Showcase business panel session will discuss current issues and developments in global Islamic finance. Approximately 150 participants
comprising leaders of the financial and business communities are expected to attend the Showcase.

In addition to the Showcase event, three parallel Business Roundtable sessions will be organized separately by the Securities Commission of Malaysia, the Association of Islamic Banking Institutions Malaysia and the
Bond Pricing Agency Malaysia. The objectives of the Roundtables are to further enhance collaboration and linkages between Malaysia and other global economies, in particular Turkey, and to highlight the Malaysian
financial community’s capabilities in offering Islamic financial products and services to the global community.

In this regard, Bank Negara Malaysia is pleased to invite you and your representative(s) to participate in the Showcase and Business Roundtables. You may also wish to invite your clients and representatives from your
group entities to participate in our event. We would appreciate if your good office could confirm your participation and other representatives in the Showcase to

Mr. Noor Fikri Mohd Fadhil at +603 9179 2236/ fikri@bnm.gov.my or
Ms Norhasmiza Haimid at +603 9179 2226/ norhasmi@bnm.gov.my

by 18 April 2012, providing name, designation, telephone and email address.

For participation to attend the Business Roundtables, please contact the relevant officers as stated in the respective programmes. Attached, the programmes for the Malaysia Country Showcase and Business Roundtables for your reference.

Thank you and regards,

MIFC Promotions Unit
Bank Negara Malaysia
Kuala Lumpur, Malaysia

FINANCE - TOBB says to take Islamic businesspeople to N.Cyprus

www.worldbulletin.net - ICCI's 28th General Assembly meetings will take place in Istanbul between April 8 and 11.

Union of Chambers and Commodity Exchanges of Turkey (TOBB) will take businesspeople from Islamic countries to the Turkish Republic of Northern Cyprus (TRNC).

The Islamic Chamber of Commerce and Industry (ICCI), as an organization linked to the Organization of Islamic Cooperation (OIC), brings together chambers of trade and industry, unions and federations from 57 countries. (source)

CALL FOR PAPERS - 4th Global Islamic Marketing Conference - Istanbul Turkey 20-21 May 2013 - Submission deadline March 1, 2013

2012 Islamic Turkey Calll Papers Istanbul Marketing

BANKING - Becoming finance base a hard task for Istanbul - Celik (Bank Asya) predicts growth for participation banking

www.hurriyetdailynews.com - Professionals from Turkey’s biggest lenders, participating in the 1st Uludağ Economy Summit, expressed their support for Turkey’s bid to make Istanbul into a regional finance center, while saying that the task will not be an easy one.

While London tops the list of world finance centers, Istanbul remains at number 62 out of 75, said Faik Açıkalın, general manager of Yapı Kredi Bank, speaking at the summit, held in the northwestern province Bursa. Since the start of the economic crisis in 2008, many foreign investors and financial institutions have left Dubai, Açıkalın added. “This is a chance for Turkey.” However, according to Açıkalın, Turkey’s dream will not be easy to realize, due to Istanbul’s current performance compared to its competitors across the world. “Despite the crisis, the list of Europe’s Top 20 finance centers includes Athens, but Istanbul does not appear on the list. Seoul, Shanghai and Singapore are in the list of possible candidates as global finance centers, but Istanbul is not.”  (source)

EVENTS - 9th IFSB Summit - 15-17 May 2012 Istanbul - Official Website open

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BANKING - Is Turkey’s Central Bank Moving? Document Suggests It Could Be

blogs.wsj.com - ISTANBUL — It’s something of an open secret in Turkey that the government has been seriously considering moving the central bank from Ankara to Istanbul, but the small print of a government document this week suggests the move could come sooner than previously thought.
The transfer of operations would be part of a broader project to boost the profile of Istanbul, already the country’s commercial capital, as an international financial center. (source)

EVENTS - 9th Islamic Financial Services Board Summit - Global Financial Reforms: The Changing Regulatory Model and Islamic Finance (May 15-17, 2012)

Registration	:	View in PDF

Program hereunder or visit website IFSB

CAPITAL MARKETS - Pmex representation in Turkey: commodity trading policy frameworks discussed

Pakistan Mer-cantile Exchange (Pmex) was recently invited to participate and make a formal presentation in a seminar on 'Experiences in Establishing Effective Commodity Exchanges in IDB member Countries.' The seminar was held on 15th-16th December 2011 in Ankara, Turkey and was organised by the Islamic Development Bank, its subsidiary International Islamic Trade Finance Corporation and the Union of Chambers and Commodity Exchanges of Turkey.

Participants in the seminar included commodity exchanges and chambers of commerce from IDB member countries, financial institutions, as well as international consultants and specialists in the area of commodity trading, financing and warehousing. (source)

CAPITAL MARKETS - Dow Jones Indexes: Turkey has most ‘sophisticated' financial market in region

The İstanbul Stock Exchange (İMKB) is “more sophisticated” than its regional competitors in the Middle East, North Africa and Eastern Europe according to Dow Jones Indexes' Senior Director of International Markets and Products Deborah Ciervo.

Ciervo, speaking with Today's Zaman, praised the depth of knowledge and expertise in terms of trade execution, which provides the İMKB with liquidity and a market that "continuosly moves,” while other regional exchanges have seen their liquidity and trading volume slow down over the past three years. Ciervo added that one of İstanbul's competitor, Moscow, is not as accessible to foreign investors as the İMKB due to a less open and favorable legal and regulatory framework. (source)

EVENTS - Islamic banking today and today's applications (Dec 10, 2011 - Istanbul)

Source