“Turkish Economic Pentagon” Learn about Istanbul’s next financial center

“Turkish Economic Pentagon” Learn about Istanbul’s next financial center

The Turkish government is preparing to open the Istanbul Financial Center early next year in order to raise the level of Istanbul. And placing it on the map of global financial centers while maximizing employment opportunities. To encourage the growth of the Turkish economy and increase the financial mobility of the country.

In a press interview, the President of the Presidential Finance Office, Koksel Ashan, stated that the Istanbul Financial Center. Which enjoys an important strategic location in Istanbul. He will play an important role, he noted, in the field of finance at the regional and international levels. Gulf countries plan to join the center. which will be partially operational from mid-2022.

Istanbul Financial Center is seen as an integrated financial ecosystem that integrates many traditional and Islamic financial institutions and organizations such as financial institutions, financial investment firms, portfolio management and banking financial institutions.

In a related context, Turkish President Recep Tayyip Erdogan stated in his video message to the Regional Finance Conference late last month. The opening of the Istanbul Financial Center will improve the global financial situation of his country. He stressed that the center will also be an important step in the field of Islamic banking, indicating that they will continue to work on legal preparations in this regard.

Istanbul Financial Center

The project is designed in 4 parts using the latest smart city technologies and the latest technologies. and modern Internet of Things services ، Located in the “Umraniye” district on the Anatolian side of Istanbul, the center includes buildings belonging to the Central Bank of the Republic of Turkey. In addition to buildings belonging to private institutions and audit institutions, and the main centers of Turkish state banks. Like:

• Agriculture Bank.
• And Hulk Bank.
• A bank will stop.

In addition, it is the headquarters of the Banking Regulation and Supervision Authority (BDDK), the Capital Markets Council (SPK) and many financial institutions and organizations ، The center, with a total area of ​​about 3.5 million square meters, has 1.4 million square meters of office buildings, a 100,000-square-meter shopping mall and a conference center with a capacity of 2,000 people. 100 people, multi-purpose showroom, 5-star hotel, financial education center and parking. Cars with a capacity of 26,000 vehicles, as well as recreational areas ، It is expected to have more than 75,000 visitors per day, while it is expected to create job opportunities for more than 120,000 employees.

ambitious goals

The Istanbul Financial Center project aims to make Istanbul one of the top 10 financial centers in the world within the next ten years and compete with the major financial centers in the world ، There are unremitting and persistent efforts to reach the Istanbul Financial Center to be a regional and international center for financial technology.

Aiming to generate $250 billion in revenue and provide added value to the Turkish economy in a sustainable manner, the center aims to exceed $160 billion at the end of its 15 years of operation ، In addition to being an important and efficient financial center at the regional and international level by hosting many different financial institutions and organizations. The center will also house the financial courts and the Islamic Arbitration Center, as well as the International Finance Corporation’s Arbitration Center. Specialist in arbitration matters for Islamic banks.

Islamic banking services

In the last decade, Turkey, especially Istanbul, has become. It is an important center in the Islamic banking market and has quickly transformed into the largest financial center between Frankfurt (Germany) and Mumbai (India) ، Melkshah Otgu, General Manager of Al Baraka Bank, added, “Turkey has earned the right to be the capital of this type of economy with its infrastructure, laws and an attractive environment for the development of this sector.”

At the beginning of last September. US credit rating agency Moody’s has estimated that the penetration of Islamic banks in Turkey will at least double over the next five years. Backed by supportive regulations and an extensive distribution network. The report was published by the institution. He indicated that the deposits of Islamic banks in Turkey grew faster than the growth of deposits of conventional banks last year.

Since December 2020, Islamic banking assets, also known as participatory banking assets in Turkey, have become the most important ، The government’s decision to pay some government salaries into Islamic bank accounts ، And expanding the distribution networks of Islamic and Turkish banks ، The Agency for Islamic Banking Regulation and Supervision earlier last year allowed development and investment banks to participate in Islamic transactions.

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