Turkey To Be the Global Hub for Islamic Banking and Finance
Turkey is late starter for Islamic Banking and Finance as a comparison with Malaysia and other Arab countries. Though, Islamic banking was introduced in the country by 1980 but it got popularity in 2005 after getting endorsed by the Government of Turkey and Political leadership. The demand of Islamic Banking and Financial services in the country is increasing day by day, and demand driven Islamic financial services and products are increasing at rapid pace.
There are five Islamic Banks working in the country including AlBarakah, Kuvweyt Turk Bank, Turkiye Finans, Vakif Katilim and Zirat Katilim. Meanwhile, a few Insurance companies also have Takaful window operation and there is limited evidence of Islamic Microfinance as well in the country, but the need of Islamic Microfinance is emerging day by day due immense pressure of refugees in the economy.