Turkey can play a leading role in the Islamic finance sector globally, a top official of a Bahrain-based council said.
Abdelilah Belatik, secretary-general of the General Council for Islamic Banks and Financial Institutions (CIBAFI), which represents the sector globally, said: “Turkey is a large Muslim country and a member of G20, … [exactly like] Saudi Arabia and Indonesia. In this sense, it can play a leading role in the sector.”
He added that Turkey was a bridge between the Muslim world and the West. “Its voice can be heard differently, not like poor Muslim countries, Gulf and others.”
He said through Turkey’s support Islamic finance was discussed among G20 countries, which was a milestone.
“For the first time at the G20 level there was a discussion about participation finance and what it can do for the global economy.” He added Turkey had a key role to play in raising awareness about Islamic finance.
Belatik added that CIBAFI expects the volume of the sector to reach $4 trillion by the end of 2020.
“In 2010, the size of the industry was $1 trillion and it almost doubles every five years. If we continue like this, in 2050 it may exceed to $150 trillion,” Belatik said.—Agencies