With the rise of Islamic finance, crisis in 2009; the Muslims in 2025, will have to derivative products will use half the forecast will become a market. Because, in Islamic banking is not making money from money. Money invested in the real economy has to gain from the real economy. Therefore, those who lose money in the process can not be predetermined by the bank as a profit is possible.
Turkey's biggest problem was the presence of a small number of markets in derivatives. These numbers were 10 percent of the world economy.
On the one hand complain about the lack of Turkish Islamic banking products is on the other side opened the European case. Kuwait, Turkey July 23, 2015, interest-free banking with first branch in Europe was launched in Frankfurt in Germany. The bank intends to open its branch soon in Europe.
Union Bank Islam Malaysia for faster development of Islamic banking in Turkey, a cooperation agreement signed in 2012 with TKBB. This agreement unused product to gain the participation banking in Turkey has the goal of 52 items used in the world.
In Turkey, there are Islamic state-funded support. In 2014, $ 300 million will go to Ziraat Bank capital. Also real bank funds to the bank's Islamic finance fund will be carried out separately. Vakıflar Bank at the end of the planning stage in order to establish Islamic banking funds. Halk Bank simultaneously also make plans to enter this sector.
The Government of Turkey in the next two-year process to move to the Istanbul-based Islamic finance pioneer in Islamic finance aims to create stock market access. In this regard there is the duty of Islamic academia. This is to set the role standardization. This standardization; standardization and creation space innovation only basic contracts. This makes work done beyond certain centralized Sharia boards. In some countries this is already happening at the moment. However, according to its different applications in each country it is concerned.
As a result; when we look at all these formation Turkey, although alms timely support by Malaysia, promises to go further on in the coming years. Last year also support the government on this issue rather strengthens the hand of Turkey.
Mehmet Yiğit
16.12.2015
