Turkish Companies For Sale : Exactly What I Said. Turkey Needs ISLAAAAMIC Banking. HOORAY !!

Just in the last posts I said Turkey is facing high interest rates (up to 18%), a weakening currency (lira has dropped 20% - 25%), inflation of 12.5%, unemployment of 9% and a huge foreign currency debt.

Sadly and predictably it is having quite an effect on Turkey. Here is today's FMT :

Turkish conglomerate Gama in talks with TNB and other buyers 

sale of 50.5% stake in Gama Enerji 

part of US$1b (RM4b) debt restructuring

TNB acquired 30% of Gama Enerji in 2015 for US$243m

shown interest in the stake

Gama Enerji generates energy from hydro, wind and natural gas 

1,100 MW installed power around Turkey

Gama latest Turk company to restructure foreign debt amid lira sell-off

talks with nearly 20 banks on restructuring US$1b debt

total debt is US$2b but US$800m subject to restructuring

Turkish companies had US$225b in overseas loans, in USD, euro

Turkish firms drawn to foreign-currency debt, lower interest rates

but now squeezed by chronic weakness in lira

lira has lost a fifth of value this year

Yildiz Holding, owns Godiva chocolate, McVitie’s biscuits refinanced US$5.5b debt

Moody’s warned spike in problem loans if lira weakens further

Erdogan declared himself an “enemy of interest rates” 

My comments :  Turkish banks are charging up to 18% per annum interest rates. This is quite insane. Then inflation is 12.5%. So just to cover their bank interest and keep up with inflation, Turkish companies must generate a minimum 18% + 12.5% = 30.5% Return on Investment (approximate lah, because it depends on exactly how much debt you have, I know).  But this is the scenario in Turkey.

So where are the Islamic bankers?  Helloooooo ?? Ass-salaamu-alayyy-kum ?? Where are you?

Can the Islamic bankers step in and save the Turkish companies? Can the islamic bankers step in and tell the Turkish companies, come to us and you will never suffer paying interest. Interest is haraaam.   Try our "Islamic profit rate".  (Err . . it is about 18% also. But it is all HALAAAAAALLLL !!)

In conclusion, we need real solutions to move our societies forward. We need real life solutions, based on reality, truth, knowledge and science. 

No 'Lucy in the sky with diamonds',  "pie in the sky", 'gallopping imaginary pet unicorns in the sky' type imaginations, hallucinations and delusions.  Erdogan is suffering some delusions. That is why his country is now suffering.