Banking watchdog lets Ziraat Bank set up Islamic lender

ANKARA - Doğan News Agency

Turkey’s banking watchdog (BDDK) has given permission to the largest state-run lender, Ziraat Bank, to establish an Islamic lender with a paid-up capital of $300 million, the Official Gazette stated Oct. 15.

“The BDDK allows Ziraat Bank and its affiliates, Ziraat Sigorta, Ziraat Hayat ve Emeklilik, Ziraat Yatırım Menkul Değerler and Ziraat Technology to set up an Islamic lender with a paid capital of $300 million,” it said.

In a statement at the beginning October, Ziraat Bank General Manager Hüseyin Aydın said he hoped to establish an Islamic lender under the auspices of Ziraat Bank in the first quarter of 2015.