Istanbul Stock Exchange

Turkey: Islamic Banking Offering Different Model

Earlier this year, the Istanbul Stock Exchange issued an index of Sharia compliant banks and companies. That attracted the media very much.
It has been made clear that these banks do not charge interest, or “riba”, because it is forbidden according to Islamic law. The way that these banks operate remains unknown.
Four participation banks are currently operational in Turkey: al Baraka, Bank Asya, Kuveyt Türk, and Türkiye Finans. These banks offer a wide range of services, including savings and checking accounts, house and automobile financing, and even Islamic bonds.

Fourth Meeting Of The OIC Member States’ Stock Exchanges Forum Convened In Istanbul

The meeting, chaired by Mr. Hüseyin ERKAN, Istanbul Stock Exchange (ISE) Chairman & CEO, was held within the framework of the mandate of developing the cooperation among the stock exchanges of the OIC member States, given by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference (COMCEC).
The Forum took the following decisions:
* The Task Force for Customized Indices and Exchange Traded Islamic Financial Products will facilitate the signing of the master agreement between the index provider and the participating stock exchanges in addition to working on Exchange Traded Funds, Exchange Traded Commodity Contracts, Islamic Real Estate Investment Trusts, and Islamic Depository Receipts, as well as other Islamic products to be traded on the OIC stock exchanges.
* The Task Force for Capital Market Linkages and the Task Force for Post-Trade Services will prepare the format for a multilateral MoU aimed at further strengthening the cooperation between and among the Forum member Exchanges and post-trade institutions.

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