Turkey: Sukuk in Turkey
Hergüner Bilgen Özeke, Istanbul |
November 17, 2008
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Partly fuelled by a flood of petrodollars resulting from the record high of global oil prices, the demand for international Islamic financial assets has increased rapidly during the last few years. Sukuk has developed as one of the most significant mechanisms for raising finance in the international capital markets through halal (Islamically acceptable) structures. As an alternative to conventional bonds, multinational companies, as well as governments, use international sukuk issuance whenever they wish to borrow money from financial markets.
In 2003, as part of a strategy to attract foreign direct investments from the Gulf, the Turkish government announced its interest in implementing a legal...
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