Growth of Islamic Finance in Turkey
December, 2015

Islamic finance has grown at rapid speeds in the last decade here in Istanbul and continues to provide diverse investment opportunities for investment. The Islamic Finance model is based on two main tenants: sharing profit and loss and the prohibition of charging interest. The value of Islamic finance assets in Turkey was $51.2 billion in 2014, making the country the eighth market in the world. The Government is continuing to pass new legislation to enable further investment in this field. Currently there are four private Islamic banks operating in Turkey: Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans. The sector employs about 16,000 people, and is growing at about 32 percent per year, which is comparatively faster than the rest of banks in Turkey. As the market for Islamic Finance grows it Turkey it will continue to provide diverse options for investors and consumers alike. Contact us to find out more about how you can get involved in this rapidly growing industry.