IslamicFinance.de

The Islamic Development Bank (IDB) plans to take at least a 10% stake in Turkey's state-run stock exchange, Borsa Instanbul. Abdulhakim Elwaer, IDB's director of cooperation, said negotiations are expected to finalize in two to three months as part of wider efforts to develop Islamic finance in Turkey. Elwaer emphasized the bank's wish to help develop Turkey as a global Islamic financial center. IDB and Borsa Istanbul signed a cooperation agreement in November, with discussions currently ongoing to decide on a specific size and time frame. The bourse has a share capital of 423 million lira ($115.6 million), implying a value of 42.3 million lira for a 10% stake. Elwaer added that a gold trading platform is also in discussion, although the equity stake remains the bank's biggest priority.