Turkey unifies Islamic banks under sovereign fund
The Turkish Sovereign Wealth Fund has begun consolidating government Islamic finance institutions by acquiring full ownership of "Ziraat Katılım" and "Halk Katılım" banks. This move aims to strengthen their competitive edge and expand their banking activities. The fund’s subsidiary, "TVF Katılım Finance for Investments," has signed agreements to transfer ownership, with the process expected to be completed by the end of 2026 after obtaining the necessary regulatory approvals. This step is part of a broader plan by the government to reorganize the Islamic banking sector, which also includes the public offering of shares in "Emlyn Katılım" Bank, with the goal of developing and enhancing the participation finance sector in Turkey.
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