Hat tip to Andrew for this report…
The Istanbul Stock Exchange (ISE) launched a participation index earlier this month to highlight and track 30 Sharia-compliant companies in an effort to further develop the Islamic finance sector.
Some view the Islamic index with apprehension, others as an opportunity.
Sharia Islamic Index is the first such index offered in Turkey, a country that made secularism one of its founding principles although 99% of population is Muslim.
Secular Turks believe that the Islamic style index, along with a recent government crack-down on alcohol, is proof of Turkey’s Islamisation that has them concerned the country may become more similar to Iran than its traditional Western allies.
Turkey currently has four Islamic banks and is attempting to attract further interest in its burgeoning Islamic finance sector.