Does Europe need its own?
The battle to sketch the new face of global banking
Wednesday, February 29, 2012
by Nathan Collins
Ibrahim Turhan, the CEO and chairman of Istanbuls
stock exchange, exclusively met with Euromoney in Turkey and
revealed ambitious plans to reform the Turkish
However, his first action as chairman was more symbolic than
practical: renaming the stock exchange.
The Istanbul Stock Exchange is now known as Istanbul
Borsasi. This might seem a small change but it is
significant to Turhan.
Other stock exchanges have names in their
countrys language, not in English, says Turhan. "In
Italy, you have the Borsa Italiana, and in Germany the Deutsche
Börse. Now in Turkey, you have the Istanbul Borsasi."
One area Turhan is looking to expand is the products on
offer in Turkey, suggesting that sukuk, ABS and MBS all need to
be looked at as potential offerings in the country.
Turhan has a particular interest in Shariah-compliant
securities. During his tenure at the central bank, he was
involved in the creation of International Islamic Liquidity
Management Corporation (IILM), established on October 25,
IILM is an international organisation dedicated to the
issuance of short-term Shariah-compliant financial instruments
with the aim of boosting cross-border Islamic finance. Its
stated aim is to enhance cross-border investment flows,
international linkages and financial stability.
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