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Rationale Islamic Finance In Turkey 2009 Turkey is internationally recognized as being one of the top emerging markets, due to its good infrastructure, abundant natural and human resources, and complemented with the professional business-promoting events. These attributes all serve to render Turkey a perfect hub bridging both east and west. Turkey has been utilizing Islamic finance techniques since the late 1980s through financial institutions known as "Special Finance Houses" (Ozel Finans Kurumu), which became the "Participation Banks" (Katılım Bankası) with the enactment of the Banking Act No. 5411 ("Banking Act") on 1 November 2005. Levels of Middle East investment in Turkey have been significantly increasing in recent years. The Islamic banking sector in particular has been on the receiving end of large sums but other sectors are starting to attract heavy Middle East interest including insurance, energy and real estate. Banks operating on Islamic principles are a small but rapidly expanding segment of the Turkish financial sector. The participation banks - Albaraka Türk, Bank Asya, Kuveyt Turk and Turkiye Finans - administer about $21.5 billion in assets, representing 5% of the Turkish banking system and the sector aims to double its share within the next 10 years. Participation bank Albaraka Türk, with Bahrain’s Albaraka Banking Group as major shareholder, successfully went public recently and valuations of Turkish participation banks are relatively attractive compared with the valuations of similar banks in the Gulf region. Earlier this year, Saudi Arabia's National Commercial Bank completed its acquisition of a 60% equity stake in Turkish Islamic bank Turkiye Finans for approximately $1.08 billion. Turkiye Finans has 124 branches and had assets at the end of last year of $2.9 billion. With all these market dynamics, the Islamic Finance In Turkey 2009 Summit could not have come at a more opportune time. As such the Islamic Finance In Turkey 2009 Summit is the event for anyone interested in Islamic Finance in Turkey, Europe, Central Asia and the Middle East whether as a regulator, player, financier, structurer, investor, speculator, analyst or simply as an interested party. To register your interest as a participant or sponsor please click here or submit your details through the contact us link above. |
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| Summit Secretariat - Islamic Finance In Turkey 2009 | ICG, First Floor Albion House, 470 Church Lane, Kingsbury, London NW9 8UA, UK |
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