Turkey seeks to benefit from Islamic banking sector
The Turkish government has announced it will be seeking to tap into the $1 trillion Islamic financial industry. Stronger Islamic banks would enable Turkey to attract more cash from the Gulf and Asia, where the appetite for Sharia-compliant products far outstrips the existing supply. This could potentially make Istanbul a regional financial hub. For now, Europe still accounts for the lion's share of trade with Turkey's financial institutions and wider economy. But with Europe still in the grip of financial woes, the Turkish economy is diversifying and looking at alternative markets in the Middle East or North Africa. The development of Islamic finance could become an increasingly useful instrument in that strategy.
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