Turkey eyes to become leader in Islamic finance, says official

Türkiye aims to position itself as the leading country in Islamic finance, a senior finance official said on Tuesday.

“Unlike many countries claiming to be an Islamic financial center in the world, Türkiye has very important advantages based on its historical, cultural, geopolitical and economic background,” Goksel Asan, head of the presidency’s Finance Office, told a publicity event for the participation finance strategy document in Istanbul.

He said they have been working to achieve this goal.

His remarks came a day after President Recep Tayyip Erdogan vowed to take further steps to promote development of participation finance.

Erdogan on Monday said the participation finance system falls short of its potential in Türkiye, where people’s religious sensitivities are high.

Asan said they see the participation finance system not only as a structure putting savings to good use in line with religious sensitivities, but also as a driving force that has potential to play an important role in the country’s development and financial independence.

The participation finance strategy document, he said, includes concrete steps to realize the strategic transformation that will enable the participation finance to reach the place it deserves in 2022-2025, which he described as “the period of holistic transformation.”

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