Turkey pushing for more Islamic financing
April 11, 2013
Pushing to expand the use of Islamic bonds to diversify the country's financing sources, the Turkish government is working on new regulations to allow wider use of a range of sukuk debt.
The Turkish treasury currently only issues ijara Islamic bonds, which are among the most widely used internationally. However, that type of sukuk also has it limitations. Hence, Ankara is hoping to have legislation to support the use of of istisna, murabaha, mudaraba, musharaka and wakala bonds ready in the coming months, reports Reuters.
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