Islamic Finance In Turkey

I. OVERVIEW

Islamic finance has emerged as a rapidly growing industry with an increasingly global presence. It continues to be the topic of choice at prestigious finance conferences in Europe, Asia Pacific and in the United States.

The Islamic financial services industry currently represents approximately 1% of global assets, however, it has been growing by more than 12% annually over the last 10 years.¹ This makes Islamic finance the fastest growing sector in the global financial industry.

More significantly, it is estimated that by 2019, collective profits would reach US$37 billion as the industry continues its double digit annual growth.² On this basis, it is now more common to read about Islamic finance on a daily basis and hear the announcements of financial centres in an attempt to gain some market share.