Turkey: Islamic Banking Offering Different Model
Earlier this year, the Istanbul Stock Exchange issued an index of Sharia compliant banks and companies. That attracted the media very much.
It has been made clear that these banks do not charge interest, or “riba”, because it is forbidden according to Islamic law. The way that these banks operate remains unknown.
Four participation banks are currently operational in Turkey: al Baraka, Bank Asya, Kuveyt Türk, and Türkiye Finans. These banks offer a wide range of services, including savings and checking accounts, house and automobile financing, and even Islamic bonds.