Turkish Islamic lenders, Islamic Development Bank sign deal
Officials from the Islamic Development Bank and the Turkish Islamic
Banks’ Association (TKBB) signed a cooperation deal for financing infrastructure projects on May 25. Speaking at a TKBB general assembly meeting, Turkish Deputy Prime Minister Nurettin Canikli said Islam-compliant banks, dubbed “participation banks” in Turkey, must create their own financial instruments and ways of doing so as not to be overshadowed by traditional banks. “Participation banks and interest-free financing must create their own financial instruments and methods in a bid to not be overshadowed by traditional banking system,” he said, according to Reuters.