In the post-election climate, fears of the Gulen movement seem validated as we observe a gradual, yet drastic shift in the Turkish business alignment map. On April 23, the Capital Markets Board stopped Bank Asia from issuing sukuk (Islamic finance certificate bond) debt. Bloomberg reported on April 26, "The Turkish lender in partnership talks with Qatar Islamic Bank must ask the regulator for permission to issue further sukuk under a 1.25 billion lira ($587 million) debt program.” Asia Bank, the lender, is a member of TUSKON, the Confederation of Businessmen and Industrialists of Turkey, known for its close association with the Gulen movement.
This is a mind-boggling change given the fact that only in early 2013 Turkish Prime Minister Recep Tayyip Erdogan traveled with TUSKON’s chairman and other associates on his official international trips. In April 2012, Erdogan addressed TUSKON’s annual gathering with praises for the accomplishments of these businessmen.
