Posted on 03/05/2015 5:21:25 AM PST by DeaconBenjamin
Turkey’s Ziraat Bankasi General Manager Hüseyin Aydin has told reporters that the state-run lender plans to launch its off-shoot, Ziraat Katilim Bankasi, an Islamic participation bank, on May, 29, which is the anniversary of the Ottoman conquest of Istanbul.
“The 300 million dollar-equivalent Turkish Lira capital has been provided by the Treasury,” Aydin said March 5 while speaking to reporters in Istanbul on the sidelines of a joint meeting of the Union of Arab Banks (UAB) and the Banks Association of Turkey (TBB), which he personally chairs.
The participation bank will open 20 branches this year and will operate as an arm of Ziraat, Aydin said. Meanwhile, Ziraat Bankasi will launch licensed banking in Montenegro and Azerbaijan in addition to opening a branch in Kosovo this year, he said.
Ziraat’s 2015 plans also include starting up a real estate investment trust.
Along with Vakifbank and Halkbank, Ziraat is one of the three state Lenders which have taken steps to open up interest rate-free participation banks.
The Turkish Banking Regulation and Supervision Agency (BBDK) approved March 3 the application of Vakilim Bankasi A.S. with a lira capital equivalent to $300 million.
Unlike the Ziraat arm, Vakilim will be opened by the Prime Ministry Directorate General of Foundations.
The islamic conquest of Christian Constantinople, the slaughter, the taking of slaves and the raping is a NATIONAL holiday in Turkey.
The event took place I believe only 39 years before Columbus discovered America
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