04.11.2011 - How the rise of Islamic banking is changing Turkey
Turkey at present has four Islamic banks -- three that are partially owned by companies based in the Persian Gulf -- which accounted for 5 percent of Turkey's 1-trillion-lira ($559 billion) banking sector in late 2010, according to data from the Participation Banks' Association of Turkey, a lobbyist group for Islamic banks. The banks are known as "participation banks," since, in keeping with Islamic tenets, depositors and borrowers share the risk of financial transactions with the banks themselves...............................................Full Article: Source
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