Turkey Wants Islamic Megabank in Istanbul as Jakarta Talks Loom
- Efforts to start Shariah-compliant lender date back to 2009
- Deputy Prime Minister Simsek seeking to create a `strong' bank
Why a Megabank Is Important in Islamic Financing
This article is for subscribers only.
Turkey said Istanbul should be the headquarters for a new Islamic megabank and that it would be willing to commit more capital to the project than proposed under a similar plan by Indonesia.
Turkey wants to set up the bank with its Treasury and Jeddah-based Islamic Development Bank as the prime shareholders, Deputy Prime Minister Mehmet Simsek told reporters in Istanbul on Wednesday.