23.12.2008 - Islamic banking in Turkey
From Hurriyet.com.tr: Islamic banking in Turkey dates back to 1985, when the government, led by the late Turgut Özal, passed legislation for interest-free banking. The first "participation bank" was Albaraka Türk, established in February 1985, followed by Faisal Finans two months later. Islamic banks offer customers profit-sharing proceeds instead of interest, and charge borrowers participation-sharing, instead of loan interest. ..... Full Article: Source
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