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Turkey makes great strides with Islamic banking

Posted on 02 April 2013

The Turkish Islamic banking and finance sector commands a 5% to 6% of the nation’s overall banking assets, much lower compared to Malaysia’s 20% or US$65.6 billion (RM202.7 billion) in assets in 2012. The secular Turkey is making great strides with more progress expected in the coming years, though it conceded that Islamic banks are still dependent on interest rates as the core benchmark for Islamic banking business, according to a board member of the Turkey’s central bank.
“Turkey is a secular country, hence the government has no Syariah board like in Malaysia where there is a Syariah board, but the Islamic banks have their own consultation boards composed of Islamic experts,” Central Bank of Turkey board member Necdet Sensoy said………………………………………..Full Article: Source

 
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