Turkey’s banking regulator gives new Islamic bank the go-ahead
State-owned Türkiye Cumhuriyeti Ziraat Bankası (Agricultural Bank of the Republic of Turkey), Turkey’s second largest bank has been given the green light by the country’s Banking Regulation and Supervision Agency (BDDK) to set up a standalone Shari’ah-compliant bank.
The new bank, which will be wholly-owned by Ziraat and its subsidiaries, is being capitalised at $300 million. It will be Turkey’s fifth ‘participation’ bank. The announcement was made on the BDDK website on 15 October.
Source: cpifinancial- Turkey’s banking regulator gives new Islamic bank the go-ahead
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