"Turkey draws closer to MENA
By Mushtak Parker
May - June 2011
The Turkish economy has now re-aligned itself more closely to the regional markets in the GCC and MENA countries.
Whichever party wins the Turkish general election in June this year, one thing remains certain. Turkey's participation banking sector will continue its steady progress and, in the process, further consolidate the sector as the third major component in the Turkish financial system after the depository (conventional commercial deposit-taking) banks and the development and investment banks. Participation banking is the Turkish euphemism for interest-free profit-and-loss-sharing banking - in other words Islamic banking. Its importance is underlined by the fact that it has flourished since its establishment in 1983 by a special decree introduced by the military regime of President Kenan Evren, and more recently it has undergone a successful transformation that has seen it become part of the mainstream banking industry following its licensing, regulation and supervision under the same provisions of the general 2007 Turkish Banking act (amended)."
More:Turkey draws closer to MENA - Financial Services - Zawya
