twentyfoursevennews.com - Turkey’s Islamic banks could continue their recent strong growth if they can cultivate stronger ties with their international owners and create a sustainable brand image, according to Standard & Poor’s Ratings Services’ view.
The country’s Islamic banking sector has grown strongly over the past five years, with total sector assets accounting for about 5% of total system assets as of year-end 2010 compared with 2.8% five years earlier.
Other developments in this sector over the past 18 months have included; a law conferring tax neutrality on sukuk products; a $100 million debut sukuk by Kuveyt Türk (not rated); the launch of several Sharia-compliant funds; and the creation of a domestic index of Sharia-compliant banks and companies by the Istanbul Stock Exchange. (source)
