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TURKEY-BANKS/
RTR4TEKV
March 15, 2015
The headquarters of state-run bank Vakifbank is seen in Istanbul March 15, 2015. Under President Tayyip...
Istanbul, Turkey
The headquarters of state-run bank Vakifbank is seen in Istanbul
The headquarters of state-run bank Vakifbank is seen in Istanbul March 15, 2015. Under President Tayyip Erdogan, an authoritarian leader with roots in Islamist politics and an aversion to usury, Turkey is hoping it can turn disdain for traditional banks among the pious into a boom in Islamic finance, where, instead of interest, banks charge service fees and depositors share in bank profits. Two state-run banks - Halkbank and Ziraat Bank - are pushing ahead with plans to launch Islamic units this year, joining four existing private Islamic lenders. Ziraat, Turkey's largest unlisted lender, is due to launch its Islamic business in May, while Halkbank has said it expects to have its business ready by the end of this year. Turkey's banking regulator also this month approved the establishment of an Islamic lender indirectly related to state-run bank Vakifbank, the third new entrant. The slogan on the building reads: " Our job is to empathise with you because it's your place". REUTERS/Murad Sezer (TURKEY - Tags: BUSINESS POLITICS)
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