World Bulletin / News Desk
Abdelilah Belatik, secretary-general of the General Council for Islamic Banks and Financial Institutions (CIBAFI), which represents the sector globally, said: "Turkey is a large Muslim country and a member of G20, ... [exactly like] Saudi Arabia and Indonesia. In this sense, it can play a leading role in the sector."
He added that Turkey was a bridge between the Muslim world and the West.
"Its voice can be heard differently, not like poor Muslim countries, Gulf and others."
He said through Turkey's support Islamic finance was discussed among G20 countries, which was a milestone.
"For the first time at the G20 level there was a discussion about participation finance and what it can do for the global economy."
He added Turkey had a key role to play in raising awareness about Islamic finance.
Belatik added that CIBAFI expects the volume of the sector to reach $4 trillion by the end of 2020.
"In 2010, the size of the industry was $1 trillion and it almost doubles every five years. If we continue like this, in 2050 it may exceed to $150 trillion," Belatik said.
Turkish economy minister says growth will 'most likely' surpass 7 percent in first quarter of 2018
Net profit at the Frankfurt-based group fell 79 percent year-on-year to 120 million euros ($146 million).
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.