Turkey’s SMEs prosper through Islamic financing

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Istanbul—Hakan Altinay is one of Turkey’s first aerospace engineers, the first person in the country to build a robot, and a successful businessman in the high-tech industry. He’s also a devout Muslim, so when he was searching for a loan in order to expand his enterprise in Turkey’s financial capital, Istanbul, it was important that he find one that didn’t conflict with his religion.
“If you look at it as a faith-based value, then using Islamic funding eases your conscience,” says Altinay, explaining how he’d sought out and settled on a $50,000 loan approved under Islamic Law.—Agencies