Azerbaijan, Baku, Oct. 1 / Trend R.Hafizoglu /
The first Islamic Finance Research Centre will open in Turkey, chairman of the Board of Directors of the Istanbul Stock Exchange Ibrahim Turhan said, Turkish Zaman newspaper reported on Tuesday.
According to Turhan, this is the first Islamic financial research centre to be opened in Istanbul.
Islamic banking is a way of doing banking affairs which is consistent with the religious rules of Islam. The essence of Islamic economics above all, is to eliminate interest payments and futures transactions. The rules by which the Islamic bank operates are the general prohibition on lending rates and speculation.
Today there are over 150 Islamic banks in the Muslim world. The size of deposits in the accounts of these banks ranges from 80 to 120 billion dollars.
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