IslamicFinance.de

Turkey's new sovereign wealth fund has signed a framework agreement with the Islamic Development Bank (IDB) to develop Islamic mortgages. Turkey's government has already transferred stakes worth billions of dollars in Turkish Airlines, major banks and other companies to the wealth fund to finance big-ticket infrastructure projects. Fund chairman Mehmet Bostan said the fund had authority to support mega projects but its priority is to invest in leading global industries in areas like technology, telecoms and energy. Bostan said financial technology was one of the fund's areas of operation, adding it was working on a joint payment platform and mobile banking. He added that the Turkish fund has received invites from other national funds and was negotiating with two of them after signing an agreement with the Russian Direct Investment Fund (RDIF).