Project to generate $4 billion in exports, Turkish ambassador to Uganda says.
ECONOMY2015 11 20
Turkish watchdog to revise Islamic banking regulations
Head of Banking Regulation and Supervision Agency says there is need to change rules governing 'participation banks'
The head of Turkey’s banking watchdog on Thursday pledged to revise the regulations governing the Islamic banking sector.
Mehmet Ali Akben, president of the Banking Regulation and Supervision Agency, said there was a need for changes to the rules governing what are known as “participation banks” in Turkey.
“We are trying to readjust those rules,” he told an Islamic finance conference in Istanbul. “We believe this system will shine out on both a local and global scale in the coming years.”
He said there was demand for a financial model working under non-interest based rules.
Talat Ulussever, chairman of the Borsa Istanbul exchange, called for a system in which members of the public could invest in major projects.
“We need to exert effort in establishing financial structures in which Turkey’s big projects in areas such as energy, communication, defense and infrastructure will be financed by people and profit will be shared by them,” he said.
Ulussever said the 2008 financial crisis showed that conventional finance was could not absorb volatility in global markets.
“There is a recent survey from the OECD [Oragnization for Economic Cooperation and Development] that indicates financing through credit has a negative affect while economies that prefer stock exchanges for their financing needs grow faster and sustainably,” he said.
20 Turkish companies part of Istanbul Chemicals and Chemical Products Exporters’ Association.
Deficit drops 40 percent in October from previous year, TurkStat reports.
Only 36 percent of Turkish people currently own a vehicle, this indicates an important growth opportunity in the automotive industry in the coming years, experts say.
Three-day summit to host 150 female entrepreneurs from 35 countries.
DO YOU KNOW?
Safranbolu Houses, featured in the UNESCO World Cultural Heritage List, are being restored by the Housing Development Administration of Turkey.
Care for Pregnant Women Under Risk
12.275 women benefited from the "guest mother" program, which provides care to pregrant women under risk in health centers before delivery.
From Electricity Importer to Exporter
Turkey increased electricity production from 31 thousand to 45 thousand megawatts in ten years and started selling electricity to Georgia, Syria and Greece.
Investing in Farmers
Turkey increased agricultural investments in the past 10 years from 1.8 billion TL to 9 billion TL.
Scholarship to Returning Academics
The Scientific and Technological Research Council of Turkey now offers 3. 250 TL monthly scholarship to returning academics who complete their Ph.Ds abroad.
First step for Turkish fighter jet
Feasibility works have been launched for first Turkish fighter jet planned to be completed by 2023, the centenary of the Republic of Turkey.
World Leader in Transit Passengers
Carrying 18 million passengers in the Asia-Europe transit corridor in 2010, Turkey saw the highest increase in transit passenger numbers in the world.
Record Growth in Technology Sector
The Turkish technology sector grew 19.4% in 2010, closing the year with 17.5 billion TL revenue.
- Turkish economy grows 8.8% in Q2
- First Turkish built helicopter takes test flight
- Turkish field hospital gives life in Somalia
- New high-speed train line launched
- Turkish-made cabs in New York streets
- Control your computer without mouse or keyboard
- First Turkish observation satellite launched
- Turkey wins first-ever world title in volleyball
- James Bond to be shot in Istanbul
- Turkish swimmer sets new world record
Every student has Internet Access
Every school in Turkey now has ADSL internet connection.
Government Takes Care of Traffic Accident Victims
The government now covers all medical expenses of those injured in traffic accidents.
Double-lane roads save 1525 lives
The number of people who were killed in traffic accidents dropped to 4,041 in 2010 from 5,566 in 2000 thanks to 13,500 more kilometers of double-lane roads, which saved 1,525 lives a year on average.