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.

The deteriorating relationship between the Gulen movement and the government has also affected the business world. Head of TUSKON was quoted as saying, “Invite politicians into the business world if they prefer making profits instead of serving the public,” as a response to Erdogan’s call to the Gulen movement to form a political party if they want to rule the country.

To understand how the Turkish business world’s alignment has shifted over time, let’s briefly explain the playing field. TUSIAD (Turkish Industry and Business Association) is the oldest and the most prestigious club. It has about 600 members representing the most prominent businesses in Turkey, which employ around 50% of the work force, excluding public and agriculture sectors.