Malaysia International Islamic Financial Centre

Deputy Prime Minister Mehmet ?im?ek has said preparatory work to launch a coordination mechanism for Islamic banking in Turkey have started, and the related circular note has recently been sent to the Prime Ministry. 

The Turkish government is seeking to increase the use of Islamic finance for state agencies, state-owned companies and the private sector, a senior treasury official has said.

The Islamic sukuk or bond market is set to drop sharply this year after Malaysia's Central Bank, one of the largest global issuers, stopped doing so, Standard & Poor's said on July 7.

Islamic finance continues to expand globally but the industry risks losing its differentiation from conventional financial products and lacks official data to ensure better supervision, an oversight body said.