Finance: Islamic banking is booming in Turkey, says CB

07 November, 11:25

    (ANSAmed) - ISTANBUL, NOVEMBER 7 - Turkish and international bankers convened at the IFN Turkey Forum 2014 in Istanbul on Thursday to discuss Turkey's growing Islamic banking sector as daily Today's Zaman online reports. Bankers from Turkey, Malaysia, Qatar and the United Arab Emirates came together at Istanbul's Bogazici University to discuss the outlook of the sector in Turkey and covered a number of key issues pertaining to various markets, trends and strategies.

    The Islamic banking sector is booming in Turkey, according to Central Bank of Turkey Deputy Governor Murat Cetinkaya, who said that Islamic banks have doubled their market share in the past 10 years. According to Cetinkaya, Turkey's regulatory framework, in conjunction with the recent macroeconomic stability the country has enjoyed, has paved the way for the growth of the sector. He said Islamic banking is continually increasing its share worldwide and that there are currently over 300 Islamic banks in 18 countries.

    While Islamic banking currently constitutes just over 5% of the Turkish banking sector, the Association of Turkish Participation Banks (TKBB) estimates that such banks will constitute 10% of the sector by 2023. The government has also said that it aims to triple the share of Islamic banking assets by that time. The Islamic lending institutions currently operating in Turkey include Bank Asya, Turkiye Finans, Albaraka Turk and Kuveyt Turk.(ANSAmed).

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