Turkey:
Turkey To Set Up A New Islamic Bank With TRY 1 Billion Capital
30 January 2015
Esin Attorney Partnership
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Recent development
Türkiye Halk Bankası A.Ş., better known as
Halkbank — one of Turkey's largest state-owned banks
— recently announced that its board of directors had
authorized its management to establish an Islamic bank. The bank
has now received approval from the Turkish Banking Regulatory and
Supervisory Authority to establish an Islamic bank in Turkey with a
share capital of TRY 1 billion.
In 2014, T.C. Ziraat Bankası A.Ş., the largest Turkish
state-owned bank, also received approval to establish a Turkish
Islamic bank.
Conclusion
These developments show the Turkish government's
determination to develop the Turkish Islamic banking market. This
movement also demonstrates Turkey's ambition to diversify
financial products and financing sources available to investors in
Turkey.
* * * * *
Please do not hesitate to contact us if you have any questions
about how these changes might affect your company.
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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