RIYADH, Saudi Arabia, April 29.
The Turkish government is ready to support further development of
Islamic finance within the country, said Turkish Minister of
Treasury and Finance Mehmet Şimşek, addressing panel discussions
held as part of the Islamic Development Bank Group (IsDB) annual
meetings in Riyadh,
Trend reports.
“Islamic finance as a channel is widely available to Turkish
citizens. There are a number of financial institutions that are
catering to and providing those services. However, of course,
conventional finance dominates. In the past, we tried very hard to
see if we could enhance products on the offer, to see if we could
get those institutions to play a bigger role,” he said.
The minister noted that state-owned banks all have a subsidiary
that provides Islamic finance services.
“Of course, we work closely to enhance the products
on offer to enhance the credibility of those institutions. So, it
is demand-driven. Yes, supply matters. But I think, as far as the
government is concerned and as far as the regulatory environment is
concerned, we have tried our best so far. So it's a matter of those
financial institutions developing additional products, promoting
those products, and convincing society that they have better
service products,” Şimşek explained.
“But as far as our policies are concerned, of course, we see
interest in diversifying because Islamic finance has its own unique
peculiarities, and therefore, we see benefits in enhancing the
financing mix. Further progress, I think, requires institutional
effort, and if there's anything we can do to help in terms of
regulations and others, certainly we will support it,” Şimşek
concluded.
The Islamic Development Bank Group (IsDB) is
holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from
April 27–30, under the Royal Patronage of the Custodian of Two Holy
Mosques, King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme
“Cherishing Our Past, Charting Our Future: Originality, Solidarity,
and Prosperity," which marks IsDB’s 50 years of fostering
socio-economic development in its member countries.
Among other topics, the meetings also featured a
roundtable on COP29 with the participation of Azerbaijani
government representatives.
As the premier South-South multilateral development bank, the
2024 IsDB Group Annual Meetings and Golden Jubilee attract
international and regional attention.
The annual meetings feature a series of side events
with top-level panelists from government, international and
regional organizations, the private sector, academia, and civil
society.
Ministers of Economy, Planning, and Finance from
IsDB's 57 member countries are participating in the event, along
with representatives of international and regional financial
institutions, Islamic banks, private sector companies, national and
international development finance institutions, international and
regional organizations, NGOs, chambers of commerce and industry,
and business councils.
