World, Economy

Istanbul Finance Center to fuse economies of West, East

Istanbul's Islamic finance potential can be utilized both for Muslims, global financial system, says Turkish official

Mehmet Fatih Erdogdu   | 02.12.2019
Istanbul Finance Center to fuse economies of West, East

ANKARA

As the gravity of financial center slides to the East from the West, Istanbul is an important alternative to fill the gap, a senior Turkish official told Anadolu Agency.

"The potential of Istanbul in Islamic finance can be utilized not only for Muslims but also for global financial system," according to Serkan Yuksel, the director of the Istanbul Finance Center Department of the Turkish Presidency.

His remarks came during the 13th Mediterranean Week of Economic Leaders (MedaWeek) last month, of which Anadolu Agency is a global communications partner.

Fintech and “participation finance” are two key elements of Istanbul Finance Project, Yuksel said, adding Islamic finance offers global financial sustainability.

"We use the term 'participation finance' rather than the term Islamic finance, as it has a very broad perspective," he underlined.

Yuksel added that “all venture capital, Small-and-medium-sized enterprise (SME) financing and mass funding are included in this model."

MedaWeek gathered businesses, corporations, government officials, experts and multilateral organizations in Barcelona between Nov. 20-22.

The event, under its slogan "A new dawn for the Mediterranean", was organized by the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Barcelona Chamber of Commerce, Industry and Navigation.

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