The Turkish Treasury has recently raised $3B from the sale of the IOUs, which are known in the industry as Sukuk. These securities are a cross between debt and equity, and allow companies and governments to raise money from investors without charging interest, which is prohibited under Islamic rules. We spoke to experts at global debt-watcher, Fitch Ratings, who helped explain the intricacies of Islamic finance and why even non-Muslim majority countries are jumping into the growing market.

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