#Turkey's Islamic banking assets expected to double in 10 years - Moody's
According to Moody's Investors Service, Turkey's Islamic banking assets are expected to double in the following 10 years as a result of government initiatives and new regulation that push the sector's expansion. With just over 5.8% of banking assets at the end of September, Turkey's Islamic finance sector is currently smaller than other large Muslim countries. Evolving regulation and supervision, as well as plans to equalise tax treatment for equivalent financial activities of commercial and Islamic finance institutions are expected to boost the sector. Turkey established three new state-owned Islamic banks from 2015 to 2019. Furthermore, the state-funded $2.6 billion (2.36 billion euro) International Financial Centre in Istanbul (IIFC) is scheduled to open in 2023.
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