It is with great delight that we launch the inaugural IFN Turkey Report, an insightful review of the Turkish Islamic finance landscape exploring its performance, prospects, challenges and opportunities for future growth and development.

Turkey has always been a bright spot for Islamic finance and the Republic continues to demonstrate strong political will to advance its participation finance industry by supporting development with various legislative and regulatory initiatives and top-down measures. Yet, it has not always been an easy journey for the Eurasian country, with 2016 bringing unexpected and unforeseen difficulties.

Viewed as one of the more promising emerging nations, commanding one of the world’s 20 largest economies, Turkey is for the first time since 2009 facing negative economic growth; and has to yield to limiting growth factors moving into 2017 as it wrestles with political instability at home and abroad, with multiple terrorist attacks and a failed coup staining the country’s economic, social and political fabric.

But not all is lost, particularly for its interest-free finance market. Development may have been slow since its inception three decades ago, but the pace has changed dramatically in recent years as both regulators and market participants strive to push the industry forward: new regulations are being issued, new players are entering the participation banking scene and there is a general consensus that more corporates are considering tapping the Shariah compliant capital markets to raise funds.

In this report, we are pleased to present a series of informative and analytical articles by the leading lights of the industry who share their discerning views on the Turkish participation banking sector, Sukuk market and legal landscape. We also provide you with key insights from our high-level IFN Turkey Dialogue designed to lay the foundations for a roadmap for the country’s participation finance industry as well as exclusive interviews with market stalwarts including the chairman of Borsa Istanbul.

It was a pleasure producing this report and we wish you an insightful and enjoyable read, and we look forward to continue supporting the Turkish participation finance industry.