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)

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)

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.

REGULATIONS - BNMalaysia consults market on Shariah parameter for Istisna contracts

By MUSHTAK PARKER | ARAB NEWS

Published: Jan 3, 2011 00:42 Updated: Jan 3, 2011 00:42 

Bank Negara Malaysia (BNM), the central bank, last week published the draft of its latest Shariah consultation on Islamic financial products, the "Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)". According to BNM, SPR5 is aimed at becoming the true source of reference on the nature and features of the Istisna contract for the Islamic financial services industry and to facilitate the consistent implementation of the contract in the Malaysian financial market.

REGULATIONS - Malaysia - Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)

New guideline on Shariah Parameter Reference 5: Istisna' Contract has been posted on Bank Negara Malaysia's website. 

Feedback is expected by Jan 28, 2011.  The actual concept paper can be accessed under 5.i. Attachment 1.

We give here the outstanding, existing links :

Shariah

1. Shariah Parameter Reference 1 - Murabahah **updated 2009/09/03
   1. Related attachment: Shariah Parameter Reference 1: Murabahah Contract (Frequently Asked Questions) **updated 2009/09/01
2. Shariah Governance Framework for Islamic Financial Institutions ** updated 2010/10/26
3. Concept Paper on Shariah Parameter Reference 4: Musharakah Contract ** NEW 2010/06/15
   1. Attachment 1: Draft of Shariah Parameter Reference 4: Musharakah Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 4: Musharakah Contract (SPR4)
4. Schedule of Shariah Advisory Council Meetings for 2011 ** NEW 2010/12/28
5. Concept Paper on Shariah Parameter Reference 5: Istisna' Contract ** NEW 2010/12/28
   1. Attachment 1: Draft of Shariah Parameter Reference 5: Istisna' Contract
   2. Attachment 2: Feedback Form on Draft of Shariah Parameter Reference 5: Istisna' Contract (SPR5)