This is the 12th IFN Turkey event
The Capital Markets Board first introduced regulations on Sukuk in 2010, and in 2012, sovereign Sukuk issuances were facilitated. In 2013, the government allowed for lease certificates to be structured under various Islamic concepts.
The first Sukuk facility issued was in 2010. The Turkish government made its sovereign Sukuk debut in 2012. It now regularly auctions gold based Sukuk and issues Islamic lease certificates.
Of the 53 banks in Turkey, six are fully-fledged Islamic banks.
There are three fully-fledged Islamic asset managers in Turkey, but conventional asset managers are permitted to offer Islamic products on a window basis, 99.8% of Turkey’s population is Muslim and it has a thriving participation banking sector. Islamic banking assets, which represent approximately 6% of total banking assets are predicted to double within 10 years due in large part to government support.