Turkish Islamic Banking Sector Expanding during Economic Stability
Fitch Ratings: Turkish Islamic Banking Segment Shows Growth
In a recent statement released by Fitch Ratings, it was highlighted that the Turkish Islamic banking segment has experienced growth during a period of economic stabilization. The report noted that Turkish Islamic banking is projected to continue growing above the sector average in 2024, although at a slower pace compared to previous years.
The statement also pointed out that the market shares of Islamic banks have been on the rise in recent years. By the end of 2023, Islamic banks accounted for 8.7 percent, 7.8 percent, and 10.2 percent of the banking sector’s assets, financing, and deposits, respectively.
This data suggests a positive trend for the Islamic banking sector in Turkey, indicating that it is becoming an increasingly significant player in the country’s financial landscape. With further growth expected in the coming years, Islamic banks are poised to make a lasting impact on the overall banking sector in Turkey.
