Earlier this month Saudi Arabia’s Riyad Bank closed a $750m “sustainability” sukuk (Islamic bond), the latest in a wave of high-profile issuance across different regions. ESG-related sukuk are set to see rapid growth in 2022, even as the broader sukuk market softens.
With double-digit increases in profits and assets reported mid-year, Turkey’s banking sector remains relatively unscathed amidst ongoing political uncertainty, renewed security threats and a slowing economy. However, as borrowing costs rise, ratings agency Standard & Poor’s (S&P) predicts a cooling in the country’s banking climate.
As part of an overhaul of the financial markets in Turkey, plans for the Istanbul stock exchange to be floated early next year are gathering pace with Borsa Istanbul (BIST) management looking to offload some of its shares in the bourse ahead of the listing.
Sharia-compliant insurance, or takaful, is set to grow in Turkey, with its predominantly Muslim population showing increasing interest in Islamic finance products and the government keen to support their growth.
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