KUALA LUMPUR
Turkish Deputy Prime Minister Ali Babacan has said that Islamic banks' assets increased five times more since 2005 in Turkey.
Delivering a speech at the Global Islamic Finance Forum in Kuala Lumpur on Wednesday, Babacan said that they called the 'Islamic bank' participation banks in Turkey.
Stating that Turkey offered equal opportunities for Islamic banks following a banking law in 2005, Babacan stated that after the law those banks' share increased in Turkey.
"We have been offering equal opportunities for participation banks with ordinary banks after putting a law into force in 2005. The participation banks' share in total banking sector in Turkey is 5.6 percent and there are four participation banks in Turkey at the moment. Those banks' assets in the country since 2005 increased 5 times more," said Babacan.
Noting that Islamic banking had been growing speedily in the last 20 years, Babacan said that Malaysia was a leader country in this sector.
Babacan will meet Malaysia's Deputy Prime Minister Muhyiddin Bin Mohamed Yassin and Finance Minister Ahmad Husni Hanadzlah within the scope of his visit to Malaysia.
Babacan will proceed to London later on the day.
