Turkey: Sixth Islamic Bank starts

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Turkish banking authority BDDK has licensed Emlak Bank. The financial institution becomes an Islamic lender.

The state-owned Emlak Bank has been transformed into a participatory bank, as Islamic banks are called in Turkey. It’s now called Türkiye Emlak Katılım Bankası, reports Reuters. It should therefore focus as a lender on the construction and real estate sector.

Emlak Katılım Bankası is the sixth Islamic bank in Turkey. The other banks are Ziraat Bankası, Vakıf Bankası, Albaraka Türk, Kuveyt Türk and Türkiye Finans. Kuveyt Türk and Albaraka Türk are also active in Germany.