BANKING - Turkey capitalizes on participation banking ties

Perhaps it is not surprising that the 9th Annual Summit of the Islamic Financial Services Board (IFSB) will be hosted by the Central Bank of Turkey (CBT) on May 16-17, 2012 in Istanbul. At the meeting of the central banks & monetary authorities of the OIC member countries which was organized by the Ankara-based SESTRIC, the statistical and research organization of the OIC, and hosted by Bank Negara Malaysia, the central bank, in Kuala Lumpur last week, Erdem Basçı, governor of the CBT, was indeed a busy man. (source)

EVENTS - Malaysia and Turkey exploring opportunities in ‘New Silk Route’

In the corridors of power in Ankara, a new thinking is emerging especially among the “Young Turks” of the Turkish establishment.

A combination of the aftermath of the global financial crisis; the seemingly intractable euro zone debt crisis with neighboring rival, Greece, bearing the brunt of the criticism; and endless obfuscation and simmering opposition by some diehard opponents to Turkish membership of the European Union; and the uncertainty in the Middle East and North Africa (MENA) region because of the so-called “Arab Spring,” is forcing Ankara to look beyond its traditional trading partners and markets in the EU and the Middle East and to consider alternative ways of raising funds and investments into the country. (source)

FINANCIAL MARKETS - Muslim Nations Plan Stock Index Next Year to Spur Trade: Islamic Finance - Turkey to coordinate

Huseyin Erkan, chairman and chief executive officer of Istanbul Stock Exchange. Photographer: Jamie Rector/Bloomberg

SUKUK - Sukuk Developments: Hybrid Structures and Malaysian Expansion

Qatar’s $3.5 billion conventional bond issue may be the season’s most noteworthy Islamic finance deal. Malaysia, issuer of 75% of the world’s sukuk, has flexed even more muscle as it branches into the nascent Islamic finance market of neighboring Singapore. Anecdotally, these offerings are noteworthy; collectively, they may help ameliorate some high-profile setbacks for the industry. 

ISLAMIC LAW - Tawarruq: Shariah Risk or Banking Conundrum?

www.opalesque.com

Tawarruq: Shariah Risk or Banking Conundrum? Nikan Firoozye, Ph.D

Source : http://www.opalesque.com/OIFI12/Featured_Structure_Tawarruq_Shariah_Risk_or_Banking679.html - July 3, 2009
The landmark ruling (See reference link)
http://www.isra.my/index.php?option=com_content&view=article&id=355:oic-fiqh-academy-ruled-tawarruq-impermissible&catid=11:tawarruq&Itemid=15

SUKUK - IDB to list US$3.5bil sukuk bonds in KL and London

KUALA LUMPUR: The Islamic Development Bank (IDB) will dual list US$3.5bil of its sukuk bonds in Kuala Lumpur and London by the year-end.

Of this amount, US$1.1bil has already been issued to investors. About US$1bil will be issued by year end, in tranches of five, seven and 10 years.

Finance vice president Dr Abdul Aziz Al-Hinai said one of IDB’s responsibilities was to help members of the Organisation of Islamic Conference grow and develop. It typically finances some US$5bil to US$7bil worth of projects and deals in a year. Infrastructure projects typically take up US$3bil to US$3.5bil.

Meanwhile, IDB listed its RM1bil sukuk medium-term note (MTN) programme on Bursa Malaysia yesterday. Issued via IDB’s special purpose vehicle, Tadamun Ser mifc, vices Bhd, it is the inaugural sukuk by IDB to be issued in the local currency.