Islamic banking gains ground in Turkey
In a first for Turkey, a state-run bank is poised to enter the Islamic banking sector, and other major state lenders are expected to follow.
Turkey’s government has moved to expand Islamic banking by inviting public banks into the sector. Earlier this month, the largest state-run bank, Ziraat, received approval to establish an Islamic unit, a landmark move in a country where public lenders have so far stayed out of the Islamic finance realm.
There are currently four private Islamic banks operating in Turkey: Albaraka Turk, Bank Asya, Kuveyt Turk and Turkiye Finans.
