OPINION - İstanbul on track to become an international financial center

www.todayszaman.com - Mustafa Baltici - Of late, the term “financial center” has become a buzzword for emerging markets gearing themselves towards undertaking hefty projects in financial industries and real estate.

Tax incentives, legal system overhauls, rebates for businesses and labor market reforms are at the top of the to-do list for these emerging market countries in an effort to entice foreign institutions to divert funds in their direction. Another tool, the so-called investment promoters, usually funded by governments, utilize their significant budgets to liaise with key CEOs, bank officials and fund managers in order to secure long-term resources for their clients. These efforts seem to be producing results. Shored up by foreign investors, private equity markets in these countries are building up momentum. Local banking is enjoying an influx of capital, and securities markets as a result take on both diversity and liquidity. From the heights of virtual reality the outlook appears to be quite favorable. The flipside, however, points to economic ups and downs as well as rivalry and stiff competition among peers in the not so distant future.  (source)

CAPITAL MARKETS - SUKUK - Sukuk's new frontier - Istanbul heads new global hunger for Islamic bond

While Asia and the Gulf remain the two main hubs for sukuk bonds issuance, international players recovering from the global financial crisis and on the prowl for investment have begun experimenting with the financing tool. The most recent entrant to the sukuk market is Turkey, long seen as a prime candidate for the development of Islamic financial products. Its foray into sukuk (a sharia compliant investment tool) was well received, though a sovereign placement could still be a ways off as the Turkish government cautiously adopts Islamic finance legislation.

CONFERENCE - Istanbul Finance Summit (panel Islamic finance included)

 A Panel on Islamic Finance has been scheduled :

OPINION - Istanbul Islamic Capital Markets ?

About 1 year ago, there was lots of noise about "Istanbul International Capital Markets" ... reports, speeches and committees.

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.