Sharia-compliant banks have occupied only a small proportion of Turkey’s banking market to date, but with rising global demand and the government’s focus on Islamic finance, that looks set to change.
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Latest articles from Turkey
Turkish banks face a genuine stress test
October 1, 2013Having enjoyed a highly profitable first half of the year, Turkish banks are now having to change strategy due to US monetary policy and turbulence closer to home.
Albaraka steps into Turkish sukuk market
June 3, 2013Turkey is a relatively new market for sukuk issuance compared with Malaysia and the Middle East, but its Islamic banks are now at the forefront of subordinated sukuk structures, led by Albaraka Turk and its innovative murabaha issue.
Turkey's banks embrace the digital generation
May 1, 2013In Turkey, banks have stopped talking about alternative delivery channels. They consider all channels – including branches, ATMs and mobile – a core business, and this rise in digital banking is spurring competition and, as a result, innovation.
Turkey's ambitious 10-year plan
May 1, 2013Turkey has set itself some ambitious targets for the next 10 years, not least wanting to become one of the world's 10 largest economies. There are a number of obstacles that it must overcome first, however, with a significant savings gap, a deep current account deficit and a poor record in attracting foreign direct investment.
Turkey revamps its capital markets
May 1, 2013As part of its drive to make the country more attractive to international investors and strengthen its economy, Turkey has kick-started a series of capital markets reforms by bringing its three exchanges under one roof, thus establishing the Borsa Istanbul.
Vakifbank steps up to compete in Turkey's high-tech market
May 1, 2013Vakibank's five-year plan to upgrade its IT infrastructure and completely remake its core banking application is ambitious but, according to CIO Ali Engin Eroglu, it is vital if the bank is to keep pace with Turkey's technology-focused banking sector.
DenizBank exports its IT expertise
February 25, 2013DenizBank's modern, nimble IT system has a series of admirers in the banking world, and includes none other than Bill Gates among those who it has impressed. The bank's chief operating officer tells The Banker how DenizBank is now ready to take its IT knowhow to a wider international audience.
Banks to watch in 2013, Odea Bank
February 1, 2013The Banker has identified 13 banks to keep an eye on in the coming year based on a variety of factors. A new entrant to the Turkish market Odea Bank – a subsidiary of Lebanon’s Bank Audi – has set an ambitious target to become one of the top 15 banks in Turkey by the end of 2017, making it one to watch over the next few years.
Can Turkey meet IFC target in next decade?
January 2, 2013Turkey’s government wants to establish Istanbul as an international financial hub in time for the country’s 100th anniversary as a republic in 2023. The country's geographical location certainly works to its advantage, but it has much to achieve in just 10 years. Will it succeed?