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Turkey supports The Islamic Finance by a new megabank – Economics & Business Channel
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Turkey supports The Islamic Finance by a new megabank

محمد شيشمك نائب رئيس مجلس الوزراء

Raising in The Turkish economy where accompanying by the cooperation and investment volume especially with the Islamic countries, So the need for Islamic banks increased more and more. The vision for 2023 New Turkey is going ahead under the Ak party ruling government, so the amount of investment and transferring money will raise and all these events requested banks with a big ability for finance and providing loans.

Deputy Prime Minister Mehmet Şimşek said

The plans from hosting the Islamic “megabank” within the year isn’t only good for Turkey, but to serve the whole region. Deputy Prime Minister Mehmet Şimşek said that We have been in contact with the Islamic Development Bank to found a megabank in Turkey.

Indonesia, Turkey and the Islamic Development Bank based in Saudi Arabia decided to set up committees to look into the matter during a visit to Washington in April. then the Treasury would be a partner of the bank, as well as the Islamic Development Bank he added that.

Turn Istanbul into a finance center

The vision of the government is to turn Istanbul into a finance center, as it considers one of the biggest city in the world moreover it has a strategic location in the middle east. Şimşek stressed that Islamic finance was of “critical importance” to realizing this goal also Islamic Finance entails interest-free transactions, in accordance with Islamic law Islamic finance has potential for growth Şimşek calls for Islamic banks to offer more products and services to their customers.

Six Islamic banks operating in Turkey

There are six Islamic banks working in Turkey: Kuveyt Türk, Türkiye Finans, Albaraka Türk, Bank Asya,  Ziraat Bank, and Vakıf Bank. at least 16,000 people currently work in Islamic finance in 1,100 branches across Turkey.

Development Minister Cevdet Yılmaz said

Development Minister Cevdet Yılmaz said that Islamic banking comprises 5 percent of the total banking system in Turkey, which the government says it aims to increase to 15 percent by 2023. The size of assets of Islamic finance in Turkey had reached 120 billion Turkish liras ($40 billion), the current assets of Islamic finance have been around $2 trillion. In 2020, this volume is expected to reach $4 billion. So there is a serious chance of development in the coming future,” he added.