Kemal Ataturk, the founder of modern Turkey, was famously no fan of his country’s Muslim roots and culture, and once reportedly wished “all religions at the bottom of the sea”.
One wonders what he would have made of news that a Turkish bank that adheres to sharia, which prohibits interest, is about to sell the country’s first Islamic bond, known as sukuk.
A smattering of Islamic banks - known as “participation banks” in Turkey to assuage secularists - have popped up in recent years, many of them owned by large Gulf-based Islamic financial institutions. But they remain miniscule in size compared to their conventional counterparts.
No comments:
Post a Comment