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ALIF MOLIYA LLC

Turkish Islamic banking growth is set to accelerate

We expect Turkey’s Islamic banking penetration rate (Islamic banking assets as a share of total banking assets) to at least double over the next five years, helped by supportive regulation and an expanding distribution network. The penetration rate jumped by nearly a quarter to 7.1% in 2020 as state-owned entities began paying salaries into Islamic accounts. However, it remains far below the average when compared with Gulf Cooperation Council (GCC) countries, Malaysia and Bangladesh.

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