Turkish Islamic lenders, Islamic Developmen­t Bank sign deal

Dünya Executive - - OVERVIEW -

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.

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