FINANCE - $158 billion in Turkish funds in offshore accounts

www.todayszaman.com - The amount of money stored in offshore bank accounts by Turkey's wealthiest individuals and businesses is worth $158 billion, says a report by the UK-based financial transparency group Tax Justice Network.

The report, prepared by former chief economist at consulting firm McKinsey and tax haven expert James Henry, tracked the growth in offshore funds around the world and estimates that the $158 billion in non-taxable Turkish funds is part of the staggering $21 trillion to $32 trillion which was held globally by the world's wealthiest individuals and corporations in tax havens at the end of 2010.  (source)

GENERAL - BENER law office one of the best reputed Turkish law firms joins ISFIN.

www.businessislamica.com - Bener Law Office is a full service Turkish law firm with a strong international practice. The firm has a reputation for serving clients’ needs by providing not only advisory and transactional work but by seeking to add value through implementing tailor-made, best-practice solutions.

Managing Partner, Erim BENER says that: “We have had a successful track record in advising foreign investors in Turkey and have been involved in many Islamic finance related investments in the country”. (source)

MALAYSIA - BANKING - Malaysia unveils plan to boost (Islamic) bank sector

channelnewsasia.com - KUALA LUMPUR - Malaysian Prime Minister Najib Razak Wednesday unveiled fresh plans to liberalise the country's financial sector in a bid to develop it as an international Islamic hub.

"The financial system will have a key role in spurring new areas of growth, and facilitating our economic transformation," he said in remarks contained in a report by Bank Negara.

Under the 10-year programme, the sector is expected to expand 11 percent annually between 2011 to 2020 and add another 56,000 jobs to the current 144,000.  (source)

MALAYSIA - BANKING - Financial Sector Blueprint 2011 - 2020

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BANKING - Participation deposits in banks 58 times in 9 years has grown

ANKARA - The Turkish lira deposits in banks Joined 28 October 2011 until the end of 2002 grew approximately 58-fold. During the same period, about 4.4 times the output of the foreign currency deposits of banks.

According to Central Bank data, the data collected, 27 December 2002 of £ deposits with banks 399 million pounds, 26 December 2003 was 1 billion 77 million TL. (source)

RATINGS - Fitch afrms Islamic Development Bank at 'AAA'/'F1+'

Nov 16- Fitch Ratings has affirmed the Islamic Development Bank's (IDB) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'.

The ratings primarily reflect IDB's strong capitalisation. The bank is one of the most highly capitalised multilateral development banks (MDBs) rated by Fitch. The equity to assets ratio has remained above 65% since inception (70.7% at end-1431H, equivalent to 6 December 2010 in the Gregorian calendar). The IDB also maintains comfortable liquidity and compliance with Sharia'h principles induces extremely low leverage (21.3% at end-1431H). (source)

BANKING - Turkey's Central Bank board welcomes newcomers

Turkey’s Central Bank added a credit expert and Islamic economist to its board in a meeting Nov. 3.

Sabri Orman and Ahmet Faruk Aysan filled two empty seats on the board, the Central Bank said in a statement yesterday. (source)

IDB - IDB boosts financing cooperation with Turkish corporates

The Islamic Development Bank (IDB) latest $75 million line of financing to Turkiye Finans Participation Bank, one of the four participation (Islamic) banks in Turkey and in  which Saudi Arabia's National Commercial Bank has a controlling stake, underlines the proactive involvement of the multilateral development bank of the Muslim world in Turkey over the last three decades. (source)

FINANCE - GENERAL - Accountancy giant Deloitte calls for tightening of Sharia finance rules

Islamic finance needs more regulation to boost the detection of risk and restore its reputation after a series of financial troubles within the industry’s GCC heartland, says Deloitte & Touche.

A “sizeable” number of Sharia-compliant financial companies were not following industry best practices, the international accounting company found in a survey of the Middle East.

A multilateral framework of rules controlling Islamic finance in the region was needed if the industry was serious about entering new markets, said Hatim el Tahir, the director of Deloitte’s Islamic finance knowledge centre in Bahrain. “Failure cases have triggered interest in more transparency and disclosure,” he said. “Increased corporate governance is needed within the management of Islamic finance products.”

FINANCE - GENERAL - Islamic financial institutions to restructure debts

Mideast finance leaders anticipate reforms in the post global financial crisis climate with 66% believing the industry is under-regulated.

Dubai: Over half of the Middle East's Islamic finance institutions (IFIs) flagged a need for raising capital and are likely to restructure current Islamic debt over the next 12 months, according to Deloitte's Islamic Finance leaders survey in the Middle East, the results of which were released yesterday.

GENERAL - Turkey's PM tells businessmen to boost Iran trade

ISTANBUL, Sept 16 (Reuters) - Turkey wants to triple its trade volume with Iran within five years, Turkey's prime minister told businessmen on Thursday, at a time when sanctions are scaring off Western investors from the Islamic Republic.

FINANCE - Turkey offers big opportunities for UAE businesses

DUBAI -- A recently-released Dubai Chamber of Commerce & Industry study on Turkey's economic status maintained that the country could hold lucrative opportunities for the UAE businesses, not only for trade and investment in the domestic market, but also in partnership with Turkey, in investment and trade with Africa, Central Asia and Eastern Europe. 

GENERAL - FINANCE - Referendum victory pushes bourse to new records

After a recess of four and half days due to Eid-al-Fitr, the Turkish markets resumed with the excitement of a clear victory for “yes” votes in the latest referendum on a set of amendments meant to democratically redesign the Constitution.

GENERAL - Turkish economy undergoes resilient growth

LONDON: The Turkish economy should grow at 5 percent in 2010 and the country’s public debt to GDP is expected to stabilize at 47 percent according to Durmus Yilmaz, the governor of the Central Bank of Turkey. 

“Officially the GDP growth forecast is 3.5 percent, but it will probably be higher than that, nearer to 5 percent,” he explained in a recent interview with Arab News.

GENERAL - Dubai World Reaches $24.9 Billion Debt Deal

DUBAI, (Reuters) – State-owned conglomerate Dubai World DBWLD.UL on Friday reached a formal deal to restructure around $24.9 billion of liabilities, partly easing recently heightened concerns over the Gulf emirate's debt woes.

GENERAL - WEF World Economic Forum - Competiveness Report 2010-2010

Turkey remains stable at 61st position. Turkey benefits from its large market, which is characterized by intense local competition (15th) and reasonably sophisticated business practices (52nd). The country also benefits from reasonably developed infrastructure (56th), particularly roads and air transport infrastructure, although ports and the electricity supply require upgrading. In order to further enhance its competitiveness, Turkey must focus on improving its human resources base through better primary education and better healthcare (72nd), addressing the inefficiencies in the labor market (127th), and reinforcing the efficiency and transparency of public institutions (90th).