I am sure that all the job is well on the way now. One thing that strikes my mind, is that one of the things that REALLY would be an added value for the region, is an "Islamic Capital Market".
Whilst the Participation Banks Association of Turkey TKBB is an active partner in the overall effort, there apparently is no intention to profile this part of the Turkish financial industry.
Istanbul could be the pass-through to Europe, Central Europe and very specific to Central Asia. There is no such thing yet, whilst all the competition (Ireland, Malta, Luxembourg, Guernsey and Jersey ... just to name a few) are targeting "Islamic Investment Funds" only.
Talking about a huge potential .. an unserved audience .. whilst Turkey holds all the know how and the central location in the palm of its' hands. Big Turkish construction companies are working there, leading the way for Turkish exports. India and Southeast Asia would become closer than you could imagine. Turkey only has to reach out.
The GCC has no historic / cultural ties to those regions whilst - I kick in open door now - we can say that we have that. When you visualize the axis in your mind, the synergy becomes clear indeed.
The only thing that should change is that we should call things by its' name. Islamic finance is "finance that is good for you". It is sustainable and not subject to the huge bubbles and bursts that characterize "conventional finance".
Korea, Japan, the UK, Germany, Canada, Australia ... the list becomes endless. Will Turkey miss out ?
