Economy

Turkey to promote interest-free finance

Country to make regulations for interest-free finance systems

Gökhan Ergöçün   | 06.11.2019
Turkey to promote interest-free finance

ISTANBUL

Turkey will promote interest-free finance systems and loan methods for diversifying interest-free products and services in the coming period. 

The country will make regulations for interest-free finance systems, according to data Anadolu Agency compiled from the Turkish Presidency's Annual Program which was released on Monday. 

The program noted that interest-free corporate loan methods will be encouraged and 'Sukuk' -- non-interest-bearing note -- will be issued. 

Within the scope of the non-interest finance system regulations, the government aims to form a real estate investment trust for agricultural lands' incomes. 

"A rating agency will be established to comply with the principles of interest-free finance," the program said. 

Turkey, which established three state participation lenders besides three private participation lenders, attaches great importance to non-interest finance solutions. 

President Recep Tayyip Erdogan has previously said the participation of finance institutions' share is targeted to rise 15% in the banking assets as of 2025.

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