World Bank launches Islam-compatible financeWorld Bank will provide finance for small and medium sized companies in Turkey through its Innovative Access to Finance Project.

The World Bank is to provide a loan of $250 million specifically for Turkish businesses that choose to be funded through loans compatible with Islamic values.

The Innovative Access to Finance Project will also apply to Muslim businesses in Egypt, according to a... Add a comment


‘Second Top 500’ Turkish companies’ profits plunge due rising debtTurkey’s second top 500 industrial companies, which rank among the country’s largest 501 to 1,000 firms, have suffered from growing debt and low profitability in 2013, as shown July 22 by an Istanbul Chamber of Industry (İSO) study. 

The drop has affected the second-tier companies to a more severe extent than their larger counterparts the İSO report also showed.

Despite a 13.4... Add a comment


Chinese Yuan to be world's third currency by 2020'The Yuan will be the world's third largest currency after the U.S. dollar and euro, a Chinese report predicts.

The Chinese yuan will become the world's third largest currency, after the dollar and the euro, within six years, it is predicted.

The claim came in report from the International Monetary Institute of Renmin University in China and China's Bank of Communications released on... Add a comment


Turkiye Finans raises $252 mln from first sukuk issuance in Malaysia 

Turkish lender Turkiye Finans Katilim Bankasi has raised 800 million ringgit ($252.21 million) from an Islamic bond in Malaysia, its first issuance from a 3 billion ringgit programme announced last month.

The issuance by Turkiye Finans, in which Saudi Arabia's National Commercial Bank is the largest shareholder, is the first ringgit-sukuk done in Malaysia by a Turkish issuer.

Proceeds... Add a comment


Syrian businessmen boost investments in TurkeySyrian entrepreneurs have been ranked first in foreign investments made in Turkey, according to official numbers.

Syria has emerged as the primary foreign investor group in Turkey through the establishment of limited liability companies, according to new official numbers.

Syrians lead foreign investment in 2014 with 585 companies out of 2,331 according to data from the Union of Chambers and... Add a comment


Hisarciklioglu named as Turkey's G20 business leaderThe president of the Union of Chambers and Commodity Exchanges of Turkey has been named the business leader for the G20 summit in Turkey next year.

Rifat Hisarciklioglu will head Turkey B20, which brings together business people to work with the government on th G20 policy agenda for 2015, according to a statement from the Turkish Treasury.

The B20 is a key business advisory body that... Add a comment


Turkey gets first place on IMF boardA senior official from the Treasury has been appointed as an executive director.

Turkey has won a place on the executive board of the International Monetary Fund for the first time.

Ibrahim Canakci, undersecretary at the Turkish Treasury, was named an executive director, a statement from Turkey's Deputy Prime Minister's office said on Thursday.

The decision follows recent reforms to the... Add a comment


Turkey's external liabilities up in 2014Turkey's liabilities abroad increased by 5.7 percent compared to the end of 2013 at the end of May, reaching $650.7 billion.

A statement released by the Central Bank of Turkey on Friday said the country's assets did not change in the month, staying at $225.5 billion, according to International Investment Position figures. 

The net international investment position -- the gap between... Add a comment


Turkey's Cb reduces interest rate againTurkish central bank on Thursday cut its benchmark interest rate for the third straight month to boost economic growth.

The Turkish central bank cut its benchmark interest rate from 8.75 to 8.25 percent for the third straight month on Thursday to boost economic growth amid mounting political pressure for a looser monetary policy.

The Monetary Policy Committee, which decides on interest... Add a comment


Turkey's central budget deficit better than forecastsGoverment budget deficit stands at 10 percent of year end estimations in the first half of 2014.

Turkey's central government budget has run a $1.6 billion deficit in the first half of 2014, a favorable figure in the light of the year-end estimations, a cabinet minister said on Tuesday.

Finance Minister Mehmet Simsek told a press conference in Ankara that the government budget deficit of... Add a comment


Deloitte upgrades Turkey’s 2014 growth outlookDeloitte increases its growth outlook for Turkey above previous estimates

Deloitte, one of the "Big Four" professional services firms, has upgraded Turkey’s growth estimates following a robust first quarter and a shrinking deficit.

It upgraded the estimate for year-end growth from between 2 and 2.5 percent to 3.5 percent.

Deloitte Turkey economist Murat Ucer said Turkey’s 4.3 percent... Add a comment
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