World Bank opens Islamic finance centre in Istanbul

Istanbul, October 31, 2013: Ali Babacan stressed that the interest-free finance system is the core of the Islamic finance system.

World Bank launched Islamic Finance Development Centre in collaboration with Turkish government Wednesday.

The centre is expected to share information on the development of Islamic finance, to give consultancy service on Islamic finance, and play the role in strengthening the institutional infrastructure

Turkish Deputy Prime Minister Ali Babacan and World Bank President Jim Yong Kim inaugurated the centre at Borsa Istanbul building, Xinhua reported.

World Bank President Jim Yong Kim said at the joint press conference that Turkey is taking giant steps in becoming a global financial centre and described World Bank’s cooperation with Turkey as a symbol of shared objectives and shared prosperity.

Ali Babacan stressed that the interest-free finance system is the core of the Islamic finance system, which not only contributes to financial stability but also eliminates risks.

“Because behind this kind of financing system there are real assets and real value,” he said. “Even IMF has reported the advantages of an interest system based on the Islamic principles of interest-free finance system.”

- ians