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Turkeys islamic finance sector set for makeover study


Oct 30 Turkey's Islamic finance industry is being reshaped as banks widen their product range and new competitors prepare to enter the market, according to a Thomson Reuters study released on Wednesday. Promoting Islamic finance in Turkey, the world's 17th largest economy with a predominantly Muslim population of 76 million, is part of government plans to boost commercial ties with the Gulf and diversify the country's investor base. Turkey's Islamic banks, known locally as participation banks because of political sensitivies in the constitutionally secular country, have seen their assets grow six-fold over the last decade as their combined branch network has more than tripled. Last year Islamic banks reached a combined $36 billion in assets, representing a 5 percent share of total banking assets. This was a 25 percent rise from a year earlier, compared to 13 percent growth for conventional banks. The study estimates Islamic bank assets could reach between $80 billion and $120 billion by 2017; the lower estimate would give them a 9 percent share of total banking assets, on track to meet a government target of 15 percent by 2023. For this to occur, however, the industry will need to do more to educate customers, the study said. A nationwide poll of 2,759 Turks conducted for the study found that 41 percent said better education about Islamic finance was needed. Among existing Islamic bank customers, 39 percent said they had little understanding of industry concepts. Still, 38 percent of conventional bank customers would consider switching to Islamic banks, which follow religious principles such as a ban on interest payments, the study found. Of those interested in Islamic banking, a third would consider switching even if their capital was not guaranteed.

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PRODUCT For Islamic finance to develop, banks and companies would also need to take advantage of new rules that facilitate issuance of various types of Islamic bonds. So far, sukuk issuance has been limited to the government and Islamic banks; the country has yet to see its first corporate issuer. Growth in issuance may depend partly on whether a sukuk structure known as istisna, commonly used in project financing, is added to rules set by Turkey's Capital Markets Board (CMB). The study quoted the CMB as saying it was considering whether to add istisna, but felt Islamic banks were unfamiliar with the structure and expected most would use ijara, a leasing contract.

"If the market really advances and we see project finance deals, then that will be really helpful," the study quoted Is Investments, the investment banking arm of Isbank, as saying. In March, Deputy Prime Minister Ali Babacan said two state-owned banks might offer Islamic services, a move which could increase the sector's market share but also dent profitability because of the additional competition. The country now has 50 banks, four of which are Islamic: Al Baraka Turk, Bank Asya, Turkiye Finans and Kuveyt Turk, 62 percent owned by Kuwait Finance House."We may see a surge in interest in the short term due to the entrance of the two state-owned banks, but then again, some existing participation banks may lose some of their customer base," the study quoted Al Baraka Turk as saying. The state-backed lenders, which have not been officially identified, would have to establish Islamic operations that were separate from the parent banks since Islamic windows are not allowed in Turkey."There are two more banks that are planning to establish separate subsidiaries for Islamic banking," the study quoted the Banking Regulation and Supervision Agency as saying. The agency did not elaborate. In recent years, Turkish regulators have been cautious about allowing new entrants into the banking industry. The sector expanded aggressively during the 1980s and 1990s, peaking at 79 banks by the end of 2000, but a banking crisis eventually led to the closure of 30 of them. ; var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $('.related-content.group-one ul'); var $relatedContentGroupTwo = $('.related-content.group-two ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In Financials/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In Financials UPDATE 2-Britain's top EU diplomat quits with blistering attack over Brexit LONDON, Jan 4 Britain's top diplomat at the EU quit his post with a blistering attack on the government, giving voice to what several sources say is wider frustration among officials over Prime Minister Theresa May's Brexit strategy. Greece's NBG likely to sell its insurance unit this year -CEO SOFIA, Jan 4 National Bank of Greece (NBG) expects to sell its subsidiary National Insurance this year and plans other sales as part of its restructuring, its chief executive said on Wednesday. BRIEF-Ford Motor Credit files for notes offering * Ford Motor Credit Co LLC - files for notes offering; size not disclosed - SEC filing MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push

Your money how to turn your dog into a cash cow


(The author is a Reuters contributor. The opinions expressed are his own.)By Mitch LipkaFeb 18 Your dog may never make it like the beagle Miss P, winner of the 2015 Westminster Kennel Club's best in show award, but he or she may still have a shot at becoming a YouTube star or nabbing a modeling contract based on an Instagram photo. It happened for Tuna, a Chiweenie mix of Chihuahua and dachshund. This unlikely Internet star, found as a stray at a California farmer's market, has more than a million followers on Instagram (instagram.com/tunameltsmyheart) because of his cartoonish overbite. A book, "The Underdog with the Overbite," goes on sale in two weeks with a list price of $14.95. At the pinnacle is a dog named Boo, a Pomeranian with 17 million fans on Facebook, multiple books and a line of toys. He even got a deal from Virgin America Inc to be its official "pet liaison."To bring in money, you need more than a random clip of your dog doing something funny. It takes an orchestrated campaign to gain enough popularity to merit offers from corporate sponsors, get product placement deals and move merchandise."People who have over half a million followers are getting serious money," says Katie Sturino, who owns Toast, a King Charles pup with no teeth and a tongue that hangs from her mouth. "The ones who have really broken out are getting a lot."Rescued from a puppy mill, Toast has 168,000 followers on Instagram (instagram.com/toastmeetsworld/). Sturino says she has been working with companies looking for product placement or endorsements.

GOING VIRAL What captivates a mass audience and goes viral usually is not a fluke, says Jonah Berger, a marketing professor at the Wharton School of Business and author of "Contagious: Why Things Catch On." You need a good story to get started, and then you need a savvy strategy."We often look at these videos and think they must be luck or by chance," Berger says. "Can you guarantee that something will go viral and get millions and millions of page views? No, but you can guarantee it will do better."

Animal advocate and author Wendy Diamond says the biggest influencers are those who have a following and a personality."Your dog either has to have a deformity or a disability or a well-connected parent," Diamond says. Boo's connection is clear. His owner, Irene Ahn, is an executive at Facebook Inc, although she has stayed out of the limelight during her dog's climb.

But there are other routes to the top. Jon Huang and his girlfriend, Amber Chavez, got Manny, a French bulldog who was the unwanted runt of the litter, at a half-price discount four years ago. What started as a way to share photos and videos of their puppy with friends and family exploded in the past couple of years to following of about 796,000 on Facebook ; var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $('.related-content.group-one ul'); var $relatedContentGroupTwo = $('.related-content.group-two ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In Market News/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In Market News BRIEF-Boeing, Travel Service finalize order for five additional 737 MAXs * Boeing, Travel Service finalize order for five additional 737 MAXs BRIEF-Arthur J. Gallagher & Co buys chicago-based Gruppo Marcucci LLC * Arthur J. Gallagher & Co acquires Chicago-based Gruppo Marcucci LLC BRIEF-Chatham Lodging Trust says files for potential mixed shelf; size undisclosed * Says files for potential mixed shelf; size undisclosed - SEC Filing Source text - this site Further company coverage: MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push