Turkey’s Islamic banks get big pandemic year pick up in profit as market share crosses 7%
Turkey’s Islamic banks posted 52.42% growth in profit to 3.72 billion Turkish liras (around $504 million) last year as their market share of assets crossed 7%.
The six banks held 437.09 billion Turkish liras in assets, up 53.66% from 2019, according to data released this week by the Banking Regulation and Supervision Agency (BDDK).
The participation banks, which is what Islamic banks are called in Turkey, outgrew the country’s total banking sector.
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