Istanbul meet discusses Islamic banking, finance

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Istanbul

A four-day training on Islamic Banking and Finance brought together representatives of central banks and relevant authorities from Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Uzbekistan, Afghanistan and Turkey. The training was conducted by the International Islamic Trade Finance Corporation in collaboration with the Istanbul School of Central Banking and the Statistical, Economic and Social Research and Training Centre for Islamic Countries. The event that ended Thursday provided an overview of existing financial products, explained how Islamic financial institutions operate and elaborated on the main differences between conventional banking and finance, and the sharia compliant banking. Hani Salem Sonbol, the CEO of ITFC, stated that the cumulative financing extended to Commonwealth of Independent States region reached $1.1 billion since the inception of ITFC in 2008. “ITFC is committed to enhance collaboration further not only in financing activities but also in capacity development.—nadolu Agency

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