Medianet Görsel Tanıtım | This changed in 2012, when the Turkish government issued its
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This changed in 2012, when the Turkish government issued its

This changed in 2012, when the Turkish government issued its

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Canada Goose Jackets Oct 16 (Reuters) Turkish state run Ziraat Bank has received regulatory approval from the banking watchdog (BDDK) to establish what would be the fifth Islamic lender in the country, a key part of the government’s efforts to expand the sector.Ziraat, the country’s largest state run bank and its second largest by assets, will be allowed to set up a standalone Canada Goose Sale Islamic unit with $300 million in capital, the regulator said late on Wednesday.Shareholders of the new Islamic bank, known locally as a participation bank, will include Ziraat and its canada goose outlet Cheap Canada Goose insurance, savings and investment arms, the statement said, without giving a breakdown of ownership.The approval came six weeks after Ziraat had applied for the license.A source at the bank told Reuters the initial expectation was that the approval process could take around six months, after which the Islamic bank would have nine months to start its operations.Two other state run banks Vakifbank and Halkbank have also been looking to set up Islamic banks of their Canada Goose Outlet own, part of government efforts to develop the sector and tap a pool of cash rich investors in the Gulf and southeast Asia.Islamic finance has developed slowly in Turkey, the world’s eighth most populous Muslim nation, partly because of political sensitivities and the secular nature of its laws.This changed in 2012, when the Turkish government issued its debut $1.5 billion Islamic bond and kick started regulatory moves to allow wider use of Islamic finance contracts. The government has since issued dollar and lira denominated Islamic bonds and is finalising plans for another deal.There are currently four Islamic banks operating in Turkey, which hold a combined 5 percent share of total banking assets: Albaraka Turk, Bank Asya, Turkiye Finans and Kuveyt Turk, a unit of Kuwait Finance House.In August, Ziraat scrapped talks to acquire Bank Asya, which is caught in a power struggle between President Tayyip Erdogan and Fethullah Gulen, an Islamic cleric whose sympathizers founded the bank. (Reporting by Bernardo Vizcaino; Editing by Shri Navaratnam) Canada Goose Jackets.