Turkey ready for joint bourse index with Gulf

ISTANBUL - Anatolia News Agency

Istanbul Stock Exchange (İMKB) Head İbrahim Turhan said Turkey, Dubai and Abu Dhabi had agreed in principle to launch a joint index, as studies continued for such an attempt with Egypt. Plans for sukuk (Islamic banking) bonds are also on the way, Turhan said, speaking on the second day of the Arab-Turkish Banking and Finance Forum in Istanbul.

Turhan pointed out that the Turkish economy presented strong opportunities, with the İMKB having a total yearly turnover of $400 billion and a daily turnover of $1.1 billion. A regional platform with Turkey and its neighbors could make great strides, he said. “We are growing and developing rapidly. You should be close to us, so that we can grow together even more quickly,” said Turhan, addressing delegates at the forum. He added that the İMKB was in the preparatory stage for new sukuk bonds, and that they were currently working with private sector companies on sukuk instruments.

“We are going to form a joint index with Abu Dhabi and Dubai […] I really believe in this region. We have to take this static potential and turn it into something dynamic,” said Turhan.