Kuveyt Türk receives the Islamic banking award from the international institution

Istanbul-based lender Kuveyt Türk, Turkey’s leading Islamic finance institution – commonly known as crowdfunding – has been deemed worthy of “Turkey’s Strongest Islamic Retail Bank” at the Islamic Retail Banking Awards (IRBA).

Organized by IFA Cambridge, IRBA is the first program of its kind and recognizes achievements based on “the most academically rigorous analysis of the performance of global Islamic banking efficiency”.

The award was presented at this year’s IRBA awards ceremony in Dubai, held for the seventh time.

Mürsel Topuz, Head of Marketing Retail and Private Banking at Kuveyt Türk, said in a statement released on Tuesday by the lender that they continue to support the real economy and help finance growth through their strong capital structure. and their dynamic management approach.

“With our technology and innovation driven projects, we have innovated not only in crowdfunding but also across the financial industry, and we have helped our clients meet their financial needs in an easy way, fast and safe. “Topuz said.

He pointed out that the lender has also tried to provide customers with the best experience during the difficult years of the pandemic, by offering visual options such as customer video calls.

“We have implemented many innovations, including the basket account, which assesses savings in different investment tools and financing services on the spot,” he said.

“We find it invaluable that our successes are recognized internationally, and it is a significant achievement to receive one of the most prestigious awards in our industry,” said the head of the bank, noting that Kuveyt Türk will continue to offer the best products and services to customers within the framework of the principles of crowdfunding.

Turkey’s Islamic banking assets are based on several principles, developing primarily around an interest-free system, and are said to have grown at a faster rate than conventional banking assets.

More recently, in a September report, the international rating agency Moody’s said Islamic banking assets in Turkey are expected to double over the next five years.

The rapid growth is being fueled by Turkish government policies and regulations and the expansion of participatory banking networks, Moody’s Investors Service said in the report.

Funding and deposits from participating banks grew faster than conventional banks last year, according to the report, in part reflecting a government decision to pay some state salaries into participating bank accounts.

This made it possible to increase the penetration rate of participatory banking to 7.1% at the end of 2020, against 5.8% a year earlier.

In another report, S&P Global Ratings said in May that the market share of participating banks in the sector is expected to double to 15% by 2025.

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Michael J. Birnbaum