The center, to be implemented over a four year period, also aims to strenghten corporate infrastructure and work as a regulatory body, he added.
Babacan noted that an interest-free finance system, which is what makes the Islamic system different from other systems, would contribute a lot to financial stability.
"At the moment 1.5 trillion dollar worth interest-free financial assets exist in the world," Babacan added and also said (interest free) Islamic financing would not only be used in Muslim countries but also in western countries in the near future.
At the end of his speech he once more stressed his aim of making Istanbul an international finance center.
The center is an initiative of the World Bank and will be implemented in İstanbul over a four-year period, ending in 2017. It will cover the development of work programs related to Islamic finance and it will establish a physical presence for the World Bank in İstanbul through the center.
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