Islamic Developmen­t Bank targets 10 percent stake in Borsa Istanbul

Dünya Executive - - OVERVIEW -

The Saudi-based Islamic Developmen­t Bank (IDB) plans to take at least a 10 percent stake in Turkey’s state-run stock exchange as the multilater­al lender ramps up activities in the country, a senior bank official told Reuters. IDB expects to finaliz e negotiatio­ns with Borsa Istanbul in two to three months as part of wider efforts to develop Islamic finance in Turkey, said Abdulhakim Elwaer, IDB’s director of cooperatio­n and resource mobilizati­on. Equity investment­s are rare for the AAA-rated IDB, which focuses primarily on extending trade financing and grants across its 57 member countries, but Turkey is seen as a key market to expand the reach of Islamic finance.

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