COVID-19 Triggers Islamic Finance Push for Turkey: Participation Banks Association of Turkey

Osman Akyüz, Head of the Participation Banks Association of Turkey stated that increasing focus on Shariah-compliant financing could be a way for the Turkish economy to mitigate the financial impact of COVID-19. Speaking to local media, Akyüz stated that the principles of profit and loss would be more effective during periods of economic disruption and would support a faster recovery when compared to conventional financing systems.

Speaking at a virtual Islamic Finance conference held in June 2020, the President of Turkey, President Recep Tayyip Erdogan, emphasised the Government of Turkey’s commitment toward developing the Islamic finance sector, stating that innovation and fintech were important as wel...