Turkey will receive more funds from GCC

As there is instability in GCC area, the funds from those countries will be moved to Turkey, the CEO of Bahrain Islamic Bank said on last Thursday.

At World Islamic Banking Conference; Mr Hassan Jarrar mentioned that Arab funds are looking for a safe place and Turkey will be at the number one destination.

Most of the Arabs who live in GCC area consider Turkey as modern Islamic country and this is one the reason why investin in Turkey at the moment.

Stating that historically Europe and the U.S. were considered safe havens for Gulf funds, he said, the geographical proximity of the Middle East to Turkey increases likelihood that the funds will land in Turkey.

He also said with the recent challenges Turkey has become more safer place to invest and in return of high profit.

Khalid Hamad, executive director of banking supervision at the Central Bank of Bahrain, said Turkey was one of the largest economy in the Middle East.

He added that due to its large Muslim population Turkey had huge potential when it came to Islamic finance.

Islamic banks have a 12 percent representation in the banking sector in Bahrain, he said, adding that they did not only cater to Muslims.

Islamic finance, which does not involve charging or paying interest, uses a model in which trade is backed by real assets and money is merely a medium of exchange rather than a commodity to be traded.

Hamad explained that Islamic finance is safer than conventional finance.

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