Turkey’s Islamic banks outperform overall banking sector in 2019, market share jumps to 6.3%
Turkey’s participation banks, as Islamic banks are called in the country, outperformed the overall banking sector in 2019.
Net income of the six participation banks grew to 2.433 billion liras ($406.6 million) last year compared to 2.097 billion liras in 2018, according to data from the Banking Regulation and Supervision Agency (BDDK) released on Jan 30. This represents a growth of 16%, according to Salaam Gateway calculation.
This increase outperformed the banking sector overall that saw an 8.07% decrease in profit, from 54.123 billion liras in 2018 to 49.753 billion liras in 2019.
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