The Turkish state will establish two new participation banks that offer interest-free services, using the names of Vakıfbank and Halkbank to benefit from their credibility in the market, sector players have said.
The new banks to be established will act as completely separate institutions from their eponyms with new banking permission licenses and fields of operation, but the brand popularity of Vakıfbank and Halkbank will help the banks be acknowledged in the market. Last week, Deputy Prime Minister Ali Babacan hinted that two state-owned banks may offer interest-free services, without giving specific names………………………………………..Full Article: Source