INCEIF today played host to high level visitors from Turkey led by Capital Markets Board of Turkey Chairman Mr Vedat Akgiray. The group were received by INCEIF Chief Operations Officer Mr Mohd Zamree Ishak.

Joining Mr Akgiray were representatives from Banking Regulation & Supervision Agency and Istanbul Stock Exchange.

AT INCEIF …Mr Vedat (seated second from right), Mr Zamree (seated third from right) and other delegates from Turkey.

Apart from a briefing on INCEIF and ISRA, the group also toured the campus and had a first-hand look at the facilities offered to INCEIF students.
Turkey has four Islamic banks, which held a combined 61 billion lira (USD.9 billion) of assets in June, only 4.8 per cent of the country’s banking assets, according to Turkish brokerage IS Investment. Due to political sensitivities in Turkey, and to adhere to local law, Islamic banks in the country do not describe themselves as such but use the label “participation banks”. A recent sukuk issue in Turkey suggests Turkey is moving closer to embracing Islamic finance. Another sign of this is the government’s 2007-2013 economic development plan, which refers in general terms to “asset-based” and “interest-free” financial instruments as part of efforts to develop the country as a regional financial centre.