Turkey Merges 3 State Islamic Banks as Emlak Katilim Plans IPO
Updated
Updated · Bloomberg · Jun 5
Turkey Merges 3 State Islamic Banks as Emlak Katilim Plans IPO
3 articles · Updated · Bloomberg · Jun 5
Summary
President Tayyip Erdogan said Turkey will combine state-run Islamic lenders Ziraat Katilim, Vakif Katilim and Halk Katilim, unveiling the move at an Islamic economy event in Istanbul.
The merger is meant to boost the weight of participation banks in Turkey’s financial system and, Erdogan said, give the sector “different momentum.”
Emlak Katilim, the fourth state-run Islamic bank, will separately sell shares in an initial public offering under the same push to expand Islamic finance.
The twin steps signal a broader state-led effort to deepen Turkey’s Islamic economy by consolidating public lenders and tapping equity markets.