IslamicFinance.de

Turkish Deputy Prime Minister Ali Babacan said on Wednesday that the growth of Islamic banking would strengthen Turkey’s financial system, praising the rapid growth of Islamic banks. Speaking at the 14th General Assembly meeting of the Participation Banks Association of Turkey in Istanbul, Babacan said the latest global economic crisis showed that interest-free financial methods are much more reliable, much more stable, and much more robust. His remarks came after one of Turkey's largest state-controlled banks, Ziraat Bank, was authorized by the country's banking regulator to start operations in its Islamic banking division last week. He also stated that an insurance system should also be developed using interest-free practice