Turkey's Simsek targets top-five global ranking in Islamic finance
Treasury and Finance Minister Mehmet Simsek said Turkey is aiming to be among the world's top five Islamic-finance markets. Reaching the target, he said, requires building resilience and stronger financial buffers.
TRT Haber Ekonomi · TRT HaberTreasury and Finance Minister Mehmet Simsek used remarks at the 3rd Global Islamic Economy Summit to set out Turkey's ambition to enter the top five countries by Islamic-finance market size. Simsek said many steps remain on the path to that goal.
In his remarks the minister said: 'We need to invest in resilience and build strong buffers. That makes it necessary to give Islamic-finance products more weight.' Participation banking in Turkey has grown its asset base in recent years, and the Central Bank's lease-certificate operations have widened the supporting infrastructure.
Global Islamic-finance assets are approaching the $4 trillion mark, according to rating agencies such as Standard & Poor's. Reaching the target, officials said, would require deepening sukuk issuance, broadening participation-insurance products and strengthening alignment of the regulatory framework with international standards.
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