Turkey develops sukuk while Malaysia reboots its programme.Turkey set up shop in the global sukuk market in August when Kuveyt TE-rk Participation Bank, one of four Islamic banks in Turkey As of September 2006, the size of the banking industry is 88.2% of total financial sector in Turkey. There are 51 banks as of September 2006: 3 public, 16 private, 14 foreign, 13 non-commercial, 4 participation banks. , issued the country's first ever "participation certificate". The three-year, $100m wakala sukuk transaction was co-managed by Kuwait's Liquidity Management House and Citigroup, and law firm Norton Rose Norton Rose Group is a leading international legal practice with its head office in London. It offers business law services from 20 offices across Europe, the Middle East and Asia. structured the transaction.
Turkey's four participation banks-the other three are AlBaraka TE-rk, Bank Asya and TE-rkiye Finans-hold only 4% of the banking sector's total assets and 5% of all deposits, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. TKBB, the participation banks' association of Turkey. Albaraka TE-rk was the first to open in 1985; Bank Asya is the largest.
Turkey has signalled its intentions to assume a more prominent role within the global Islamic banking and finance sector as it seeks to lure capital from the Gulf. Kuveyt TE-rk, 62% owned by Kuwait Finance House, has indicated that there is a strong appetite for Turkish assets not only in the Gulf but also in Europe. Turkey, populated nearly exclusively by Muslims, is still knocking on the EU's door, and remains under assessment as a candidate in the next enlargement wave.
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