Turkey's Prime Ministry has established an Interest-Free
Finance Coordination Board ("Board") to
support improvement of the country's interest-free and Islamic
Finance sectors, as well as to coordinate developments in the
banking and insurance sectors. The interest-free and Islamic
Finance sectors are intended to support wider development and
stability of Turkey's overall financial sector, contributing to
the country's aim to be an international financial center. The
Board was established by a Circular numbered 2015/17, published in
Official Gazette number 29563 on 15 December 2015
Key aspects of the Board's framework and functions
The Board's Chairman will be a
Minister affiliated with the Treasury Undersecretary. The Board
will include representation by the following entities:
Finance Ministry Undersecretary.
Turkish Republic Central Bank
Banking regulatory and Supervision
Head of Capital Market Board.
Principal of İstanbul Stock
Head of Turkey Participation Banks
Head of Participation Insurance
The Board will convene at least three
times per year, at the Chairman's request.
If necessary, the Board can establish
sub-committees, committees, consultancy groups, and temporary and
permanent working groups. These can include representatives from
the entities noted above, as well as representatives can be invited
to participate from universities, non-governmental organizations,
occupational groups and the private sector.
The Treasury Undersecretary will
ensure co-operation and coordination between the Board and related
public institutions, organizations, private sector representatives
and non-governmental organizations, as well as monitor enforcement
and execution of the Board's decisions by relevant
Please see this link for the full text of the Circular
(only available in Turkish).
Information first published in the
MA | Gazette, a fortnightly legal update newsletter produced by
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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