IslamicFinance.de

Turkish President Tayyip Erdogan said the launch of Ziraat Bank's Islamic business should help to attract new funds to Turkey and urged other state lenders to help to triple Islamic banking's share of the market by 2023. Speaking at Friday's launch ceremony for Ziraat's new business, Erdogan said he also expects Ziraat to set up an Islamic insurance operation and called on other state lenders to introduce Islamic banking divisions soon. Turkey's other two state lenders, Vakifbank and Halkbank, have also been looking to set up Islamic banks as part of the government's efforts to develop the sector and tap a pool of cash-rich investors in the Gulf and southeast Asia.