Istanbul, Türkiye – 15 November 2024 – The Finance Office of the Presidency of the Republic of Türkiye (CBFO), the Islamic Financial Services Board (IFSB), and the Participation Banks Association of Türkiye (TKBB) will co-host the CBFO-IFSB-TKBB Forum on ‘Strengthening Ties Between the IFSB and the Participation Financial System in Türkiye,’ on 18 November 2024. A morning workshop for industry professionals will precede the forum. This event is a significant step in fostering enhanced collaboration and reinforcing Türkiye’s position as a dynamic hub for Islamic finance in the region.
The high-profile event will bring together regulators, policymakers, and industry leaders to discuss critical issues shaping the future of the Islamic financial services industry (IFSI). The sessions will focus on regulatory frameworks, the roles of supervisory bodies in promoting financial stability, and strategic approaches to bolster the relationship between the IFSB and Türkiye’s participation finance system. In addition, the discussion will address emerging market trends, opportunities for growth, and advancing global standards within the Islamic banking sector.
The IFSB is the leading international standard-setting body that promotes the stability and soundness of the Islamic financial services industry for the last two decades. For the IFSB, this event underscores its commitment to retaining the longstanding partnerships with the Türkish regulators and supporting a resilient participation finance framework in the country. This engagement in Istanbul fosters best practices, facilitates cross-border dialogues and the mainstreaming of Islamic finance in the region.
Among the distinguished speakers invited are Prof. Dr. Göksel Aşan, President, Finance Office of the Presidency of Türkiye (CBFO), Dr Ghiath Shabsigh, Secretary-General of the IFSB, Mr. Erhan Akkaya, Director, Central Bank of Türkiye, a senior representative from the Banking Regulation and Supervision Agency of Türkiye, Mr. Ali Erdurmuş, Deputy-Governor of Capital Markets Board of Türkiye, Mr. Şanbaz Yıldırım, Head of Department of Insurance and Private Pension Regulation and Supervision Board of Türkiye, and Mr. İsmail Vural, Secretary-General of TKBB.
Participation finance (alternatively known as Islamic finance), is rapidly expanding within Türkiye, driven by strong market demand and the country’s strategic focus. It surpassed USD 90 billion in 2023 and is expected to grow in the coming years. The IFSB’s Islamic Financial Stability Report 2024 supports this outlook, highlighting the increase in market share for Islamic banks in Türkiye to 8.7% in 2023, propelled by the growth of state-owned banks and strong regulatory support.
The CBFO-IFSB-TKBB Forum is open to industry professionals in Türkiye and surrounding regions, while the workshop is invitation-based. To register for the forum, please do so at https://cbfoifsb.tkbb.org.tr or contact Ms Zekiya Nur Vural at [email protected] for more information.
