Participation Finance Regulatory Framework in Turkey and AAOIFI Standards

With growing support and interest in Islamic / participation finance sector both from private and public institutions, Turkey is becoming a vital player in the global Islamic finance sector. The share of Islamic banking industry in Turkey has surpassed 7% of the banking industry, while the government-driven strategic target is to increase the share to 15% by 2025. In this regard, Turkey has in recent years introduced host of new initiatives, including initiating legal and regulatory infrastructure development in banking, insurance, capital markets, stepping up its capacity building activities and intellectual capital, as well as, establishing new institutions and departments in existing institutions etc. The regulatory and supervisory institutions like BDDK, KGK together with the Central Bank of Turkey and the office of H.E. the President are playing a leadership role in the development of the Islamic / participation finance industry in the country.

Additionally, international infrastructure institutions such as AAOIFI and Islamic International Rating Agnecy (IIRA) with support of the Participation Finance Association of Turkey (TKBB) have been providing the much-needed support and guidance in terms of advocacy, standards-setting and capacity building to accelerate the development of the Islamic / participation finance sector in Turkey.

This webinar jointly organised by AAOIFI, TKBB and IIRA will bring together important stakeholders from Turkey and global industry to boost the Islamic / participation finance sector in Turkey and deliberate on opportunities and recent initiatives to support further development of the sector in the country. The event will also shed light on the latest updates and initiatives that are taking place at regulatory and supervisory front, as well, as how the AAOIFI standards can further provide guidance to ensure a robust sector is developed.

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