EVENTS - IFSB SUMMIT - Turkey seeks market capitalism alternatives

www.saudigazette.com.sa - ISTANBUL — If you have any doubt that Islamic finance is creeping into the mainstream global financial system where it matters, albeit cautiously and perhaps in some instances even apologetically, then you should have been in Istanbul last week.

Perhaps Turkey may not be perceived as the natural bedfellow of the Islamic finance industry, but contrary to popular misconception, next year will be the 30th anniversary of the introduction of the special decree (No. 831/7506 of 16 December 1983 issued by the Council of Ministers) allowing the establishment of Special Finance Houses (the euphemism for interest-free Islamic banks).

Armed with the ambition of transforming Istanbul into a regional and international financial center (and no financial center these days can be complete without also offering an Islamic banking and investment proposition) and with the sovereign debt chaos emanating from the West European continent, Turkey like several other countries is seeking alternatives to the unbridled market capitalism responsible for the near meltdown. (source)