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)

BANKING - Sanction-hit Iranian banks line up to enter Turkish financial market

www.todayszaman.com - Iranian investors, who established a record number of companies in Turkey last year, have shifted their focus to the finance and banking sector as Western sanctions implemented because of its controversial nuclear program have eaten away at its economic maneuverability.

 

According to information Today's Zaman obtained from Ankara financial circles, Iran's three biggest banks have started to work in order to become the newest actors in the Turkish banking sector. Tejarat Bank, Pasargad Bank and another bank, whose name was not disclosed, have knocked on the door of the Banking Regulation and Supervision Agency (BDDK) recently. The financial sources, which preferred to remain anonymous because of the sensitivity of the matter, said a written request has already been sent to the Ministry of Foreign Affairs to apply for a banking license from scratch. The government will make the final decision regarding this issue.  (source)

TRADE and FINANCE - OIC - TOBB head urges Muslim countries to increase economic cooperation

www.todayszaman.com - Turkish Union of Chambers and Commodity Exchanges (TOBB) President Rifat Hisarcıklıoğlu emphasized on Wednesday the importance of taking concrete steps to increase economic cooperation and investments between Muslim countries.

Speaking to participants at the 28th General Assembly meeting of the Islamic Chamber of Commerce and Industry (ICCI) in İstanbul, Hisarcıklıoğlu described the transformation taking place in global politics and economics, as well as developments in the Middle East and North Africa. “As private sector representatives from our countries, we have a major role to take on. Our countries are full of entrepreneurs who are looking for investment opportunities,” he said. (source)

FINANCE - TOBB says to take Islamic businesspeople to N.Cyprus

www.worldbulletin.net - ICCI's 28th General Assembly meetings will take place in Istanbul between April 8 and 11.

Union of Chambers and Commodity Exchanges of Turkey (TOBB) will take businesspeople from Islamic countries to the Turkish Republic of Northern Cyprus (TRNC).

The Islamic Chamber of Commerce and Industry (ICCI), as an organization linked to the Organization of Islamic Cooperation (OIC), brings together chambers of trade and industry, unions and federations from 57 countries. (source)

TRADE - OIC/Trade: Chambers from OIC members gather in Ankara

ISTANBUL, 17 Rajab/June 20 (IINA)-An education program for trade and industry chambers’ officials in countries with membership in the Organization of the Islamic Conference, OIC, started in Ankara.

The event aims to improve the capacity and effectiveness of the chambers in these countries.

It is an initiative by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the Islamic Development Bank (IDB), the Islamic Chamber of Commerce and Industry (ICCI) and Islamic Trade Finance Corporation (ITFC). The Turkish International Cooperation and Development Agency (TİKA), also supports the event that will continue until June 24. (source)

EDUCATION - TOBB to train chambers of commerce from Islam countries

The Islamic Chamber of Commerce & Industry and the Turkish International Cooperation & Development Agency will support the program.

The Union of Chambers & Commodity Exchanges of Turkey (TOBB) will host a training program for chambers of commerce and industry from the Islam countries. (source)

EVENT - Joint Activities/Projects to be Considered between IDB and TOBB for Cooperation in 1432H Program

Joint Activities/Projects to be Considered between IDB and TOBB for Cooperation in 1432H Program


Source : http://www.itfc-idb.org/search/node/turkey