Erdogan Praises Turkey's Bank Merger
Turkish President Recep Tayyip Erdoğan stated that Turkey's three state Islamic banks will unify in order to strengthen their share in the Turkish financial system, with an announcement of the issuance of shares for a fourth Islamic bank for subscription. He pointed out that Islamic banks currently represent 9.5% of the total banking assets in Turkey and contributed approximately 7.4% of total commercial loans in the first quarter, which is double what it was in 2016. He emphasized that the profit-sharing financing model is more fair and secure, and that the merger of the three banks will create mutual benefits and open a new chapter in the sector. He also highlighted the importance of transitioning to an economic and financial model based on Islamic principles to address the global debt crisis.
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