Istanbul is the capital of Islamic finance in the world:

In light of the great economic growth that Turkey witnessed today, and despite the obstacles placed in the path of the current Turkish government, despite all the problems that beset the country’s economy, the retreat of the value of the Turkish lira and the regional wars that affected in some way, 

Turkey has managed to get out of the bottleneck in which the country’s economy entered recently and things got back to normal, and the Turkish economy returned to its inevitable course to become among the strongest economies in the world.

And the importance of Turkey politically, regionally and economically in the world still gives it many responsibilities in the region and the world. 

The closest example is that Istanbul, the economic capital of Turkey, is planning to become the capital of Islamic finance in the entire world.

Istanbul is the capital of Islamic finance in the world:

 The Turkish city of Istanbul is going to be the capital of Islamic finance in the world, thanks to a package of legislation, infrastructure and technical support for the advancement of the banking industry and financing in compliance with Islamic Sharia.

This news came in a statement of the head of the Istanbul Financial Center of the Presidency of Financial Affairs at the Presidency of the Turkish Republic, Sirkan Yuksel, where he mentioned that Istanbul is a city with great and distinct capabilities that qualify it to provide great services to the global financial system in full in the field of Islamic finance

Sarkan Yuksel's statement came as part of an interview with the Anatolian News Network, on the occasion of the establishment of the business session of the thirteenth edition of what is known as the Week of Economic Leaders in the Mediterranean, which was launched in Barcelona, Spain on November 25 this year, in a media partnership with Anatolia Agency. .

Yuksel explained to the Anatolian Network that the Turkish city of Istanbul has important and central capabilities in the field of Islamic finance, and that these capabilities can provide important services not only for Islamic countries, but for the entire global financial system.

Yuksel has spoken within the same statement that the economic center of gravity that moves from west to east creates a huge gap in the world, “Therefore, Istanbul is the most important alternative to bridge this gap, especially considering the location and financial position of Istanbul and the different and distinct model it offers, Which could make it gain an important global position.

In this context, many international reports emphasize this talk, as economic statistics and indicators indicate that the center of the global economic weight began to move from west to east, and in particular to East Asia, where the economies of countries such as China, India, Japan and South Korea witnessed significant growth in the periods. 

Global reports and economic indicators indicate that the economic center of gravity has shifted from west to east, specifically to China and India, and to a lesser extent Japan and South Korea.

Istanbul Economy and Financial Center:

Istanbul Financial Center consists of 8 main elements and Islamic finance is considered one of the most important of these elements, which is what is known within Turkey as participatory financing that provides good and innovative solutions

The establishment of the Istanbul Financial Center, which works in coordination with all stakeholders and the Turkish Ministry of Treasury and Finance, was in fact a project that began work on in 2009.

It is worth noting that in 2018, the Istanbul index rose by 16 degrees in the ranking of global financial indicators,

Today, the Istanbul Financial Center is made up of two main components: FinTech financial technology and Islamic participatory finance.

The topic of Islamic finance has been very popular in the recent period in several Asian countries, such as Malaysia and China, who have acquired more than 30 percent of the participatory finance sector 

The advantage of this type of participatory financing comes largely in terms of investment in the countries that adopt it, because although it follows and complies with Islamic law, most of the customers who want to choose this type of financing are from European countries

In the same context, the President of the Istanbul Financial Center also noted that the city of Istanbul in this specific area is not fully exploited today, as the most recent legal foundations for participatory financing were formulated in the Ottoman Empire a hundred years ago.

He said: “When you look at the “stock exchange” institution and“Dar Al-Saada Conversions ”, we see that these ancient economic institutions were established during the era of the Ottoman Empire.

In addition to the foregoing, the establishment of endowment institutions is also considered one of the most important traditions that have characterized the Turks throughout history as those institutions were in fact large institutions of participatory financing.

He added that "participatory finance has the ability to develop many products for people who are not integrated into the financial system ... and that the Istanbul Finance Center works to develop a range of financial products and large capital markets."

Yuksel also mentioned the development of participatory finance products based on the capital market, which certainly leads to increased savings, and this situation provides an incentive for the economy and SMEs in the financial system, and an important supporter of a sustainable economy.

In other words, if Istanbul becomes the capital of global Islamic finance, it will open other doors for investment and business creation in the country and give greater opportunities to the owners of projects and small capital to grow and develop and implement their plans on the ground, something that must benefit the economy of Turkey as a whole.