New Islamic banks ready to open soon

New Islamic banks ready to open soon

 

Turkey has begun to open the doors to giving new banking licenses after the 2001 banking crisis, with no exception for interest-free Islamic banks, called participation banks.

Turkish Deputy Prime Minister Ali Babacan said at the Turkish Participation Banks Union’s annual meeting that it appeared the format of two participation banks would be clearer in a few months. The state-run banks, Ziraat Bank and Halkbank, will establish these two participation banks. “These banks should contribute to growing the participation banking sector, which is composed of very few players in Turkey,” Babacan said.