Sharia-compliant insurance, or takaful, is set to grow in Turkey, with its predominantly Muslim population showing increasing interest in Islamic finance products and the government keen to support their growth.
Turkey
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Improved political stability helped lift August property sales in Turkey, while the government is looking to infrastructure investments to stave off a downturn in the overheated construction sector. A glut of empty residential properties and high interest rates had curbed growth in property sales in recent times.
Economic update | A new journey
28 Jul 2014
Prime Minister Recep Tayyip Erdogan speaks to Oxford Business Group about his country’s economic rise
Economic update | Strong start for Turkey
25 Jul 2014
Despite having to weather a combination of regional instability, domestic volatility and a hotly contested election season last year, Turkey’s economy began 2014 with a surprisingly strong performance.
The recent move by the European Central Bank (ECB) to loosen monetary policy, which included cutting the deposit interest rate to a landmark -0.1%, looks set to provide a welcome boost to both Turkey’s money markets and its broader economy.
The Ankara government has played down forecasts by the Organisation for Economic Cooperation and Development (OECD) and decisions of some ratings agencies to lower their expectations for the Turkish economy this year, saying recent reports did not take into account a number of favourable factors that will fuel growth.