23.12.2008 - Crisis prompts embrace of sukuk
From Hurriyet.com.tr: The Justice and Development Party government is working on laying the ground for the sovereign issuance of Islamic bonds, Hürriyet Daily News has learned. Declining to name the bonds 'Islamic,' a top official says 'this market' will grow to $200 billion globally by 2010, and 'Turkey wants its share. The government has shown Turkey the path to spare the country from the effects of the global credit crunch - the diversification of export routes from crisis-hit Western markets to other locations, such as the Middle East. However, diversification has taken on a whole new meaning, as plans to issue "sukuks," or Islamic bonds, are underway...... Full Article: Source