Growing Popularity of Islamic Banks

Growing Popularity of Islamic Banks:

"Can religious faith, God and money ever be brought into a harmonious co-existence? Yes, they can, say the acolytes of Islamic banking. Islamic banks are becoming ever more popular in Turkey, even if not everyone is particularly enthusiastic about the development.
Islamic banks – so-called participation banks – are growing in popularity in Turkey. Statistics released by the Participation Banks Association of Turkey (TKBB) reveal that Islamic banking in Turkey has been growing at a rate of around 25 to 30 per cent a year since 2006. The number of branches in the country has grown from around 800 at the beginning of this year to more than 900 at the present time.
There are currently four banks operating in the market. Three of them are based in the Gulf and all have impressive sounding names: "Bank Asya", "Turkiye Finans", "Kuveyt Turk" und "Albaraka Turk"."

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