Overview of Islamic Finance Developments in Turkey

Turkey, geographically and culturally bridging East and West, is looking to profit from this increasing global interest.

“The Turkish government has particularly invested in this area. If you look at the numbers, for instance, of the growing assets of Islamic banks, you see that in the last decade, for instance, they tippled. Their share, for instance, in banking in general has grown up to nine percent and the Turkish government’s goal is to bring it up all the way to 15 percent,” said Ahmet Yukleyen, head of the Research Centre on Islamic Economics.

Growth in Turkey

Growth of the Islamic financing sector in Turkey will also be boosted as participation increases at home too. It is expected that some users of conventional banks will switch over to Islamic banks as the market develops.