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Islamic Finance Briefing - Categorized | Funds, Market Moves more

Turkey’s first Islamic fund to open after new index

Posted on 26 January 2011

From Hurriyetdailynews.com: Turkey’s first investment fund to comply with Islamic rules will start this year following the creation of a Sharia-compliant share index on the country’s main stock exchange. Bizim Securities, an Istanbul-based brokerage whose parent company Boydak Holding owns shares in companies including an Islamic bank, will seek to raise an initial 100 million Turkish Liras ($64 million) to start investing in the second half of this year, said Deputy Chief Executive Avşar Sungurlu.
The fund will track the Participation Index, which opened on Jan. 6 at the Istanbul Stock Exchange, Sungurlu said in an interview……………………………………….Full Article: Source

 
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