The world bank will open its first centre on Islamic Finance

The world bank will open its first centre on Islamic Finance at Borsa Istanbul premises, the exchange market said Monday. A statement on Borsa Istanbul's website says a ceremony will be held later on Monday to inaugurate the world bank Global Islamic Finance Development Centre, the first of its kind. Deputy Prime Minister Ali Babacan, World Bank President Dr. Jim Yong Kim, Treasury Undersecretary Ibrahim Halil Canakci and Borsa Istanbul Chairman & CEO Dr. Ibrahim M. Turhan will participate in the ceremony, the statement adds. Istanbul has become more popular in recent months as a centre of finance, specifically in Islamic instruments. Turkey issued its first sukuk, Islamic equivalent of bonds, in September 2012, and this year in the same month Istanbul hosted an international forum on financial systems where the topic of Islamic finance featured prominently.