tag:blogger.com,1999:blog-24622549.post4982506816134332571..comments2023-10-19T06:59:20.135-07:00Comments on Kishkushim خربطات קישקושים: Growth of Islamic Banking in TurkeyAmoshttp://www.blogger.com/profile/03465114506715277544noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-24622549.post-53262453742986880152010-06-04T04:25:31.601-07:002010-06-04T04:25:31.601-07:00Thanks. Very interesting this sukuk stuff. Yeah, I...Thanks. Very interesting this sukuk stuff. Yeah, I can see that what is building up in Turkey is nothing compared to the Gulf. But what I was getting at with the lack of standards is really about <em>uniform</em> standards. It sounds like some nations have certifying boards that issue licenses, as Malaysia seems to. On the other hand, each institution has its own board with its own credentialing process. There isn't a central body that sets the rules. That's what I mean about diversity of certification.Noah Khttps://www.blogger.com/profile/13201220883843640147noreply@blogger.comtag:blogger.com,1999:blog-24622549.post-22692152436475473222010-05-13T19:48:44.186-07:002010-05-13T19:48:44.186-07:00Noah, from what I recall, there are certain standa...Noah, from what I recall, there are certain standards and even certifying bodies that attest to the Shari'a compliance of investments, banks and different financial vehicles. Sukuks are like bond issues, just that they do not charge interest but are structured like "leases" or "rents", I believe. Don't know the exact details, though. What I do know is that many of the major major investment projects that are being kicked off now in Saudi Arabia in the infrastructure sector (power stations) and in petrochemicals (refineries) are now partly financed through "tranches" based on sukuk and other "tranches" that are regular loans granted by international financial institutions. We're talking about investments of 5-10 billion dollars where a third could be sukuk and other portions are standard financial instruments. I doubt there is anything of that scale in Turkey at this time.J.https://www.blogger.com/profile/13210829547141285116noreply@blogger.com