Turkey’s Islamic banks net profit drops for Jan-Oct as sector’s market share hits 6%
Turkey’s six Islamic banks saw their net profit drop 10.26% for the first ten months of the year compared to the same period last year but the sector’s market share improved.
The participation banks, as Islamic banks are called in Turkey, posted $341 million in net profit versus $380 million last year, according to statistics released November 29 by the Banking Regulation and Supervision Agency (BDDK).
However, the Shariah-compliant banks held 6.07% of the banking sector’s assets in October, versus 5.34% on December 31, 2018.
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