Posted by meb at May 4th, 2007

Officials from Dubai Islamic Bank have announced that they plan to purchase a bank in Turkey or open one of their own, following the increasing demand in Turkey for Islamic no-interest banking. Saadat Muzaffar, head of Dubai Islamic Bank global wealth management, said on Thursday to Reuters that the bank was in a negotiation period for purchasing a bank in Turkey, with proceedings likely to end in mid-2008. He added that they were monitoring Turkey closely and that the country had a great market with lots of potential, given its large and youthful population and increasing interest in Islamic banking.

source: Today’s Zaman

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