The state-owned Emlak converted to become an Islamic bank and it focuses on the construction and real estate sectors.
Wednesday 27, February 2019 BY KUDAKWASHE MUZORIWA
Turkish banking authority BDDK has authorised Emlak Katilim Bankasi to start operations, making it the sixth Shari’ah-compliant bank in the country, reported Reuters.
The Government opened two Islamic banks prior to Emlak, Ziraat in 2015 and Vakif in 2016 and aims to increase the share of Shari’ah-compliant banking assets to 15 per cent of the country’s total banking sector by 2025.
The other Islamic lenders operating in Turkey are Albaraka Turk, Kuveyt Turk and Turkiye Finans.