Turkish state-run Ziraat bank has received approval from the Turkey’s Banking Regulation and Supervision Agency (BDDK) to set up an Islamic banking unit.
The approval will enable the bank to establish a standalone Islamic unit with $300m in capital and is part of the government’s efforts to expand the sector.
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Ziraat Bank will be the controlling shareholder of the Islamic bank, while its subsidiaries Ziraat Sigorta, Ziraat Hayat ve Emeklilik and Ziraat Yatirim Menkul Degelrer and Ziraat Teknoloji will be the other shareholders.
The Islamic bank is expected to take nine months to start its operations.
The bank first unveiled its plans to set up an Islamic banking unit in August this year when it dropped plans to acquire local Islamic lender Bank Asya.
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