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Peer2Peer Finance News | June 27, 2019

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Turkey and UK announce Islamic fintech partnership

Turkey and UK announce Islamic fintech partnership
Kathryn Gaw

FINTECH leaders from the UK and Turkey have met in Istanbul to discuss a joint partnership which will capitalise on the rapid development of Islamic fintech.

In a forum hosted by the British Consulate-General in Istanbul, TheCityUK and Borsa Istanbul have pledged to work together to find new opportunities in fintech co-operation between the two countries. A second meeting will follow in London early next year.

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“Islamic fintech is expanding at a rapid pace in the UK, drawing strength from the country’s position as the number one Western centre for Islamic finance and a leading global centre for fintech,” said Wayne Evans, an advisor on international strategy at TheCityUK.

“UK-based Islamic fintechs are already supporting Turkey’s fast-growing participation banking sector – this forum can help further deepen this relationship, connecting more innovative fintechs and helping to identify next steps for UK/Turkey Islamic finance cooperation.”

The UK-Turkey Islamic Fintech Forum is part of an ongoing partnership between TheCityUK and Borsa Istanbul, which aims to promote closer ties between the two countries. Speakers at the event included Recep Bildik, director of business development at Borsa Istanbul, Nicholas Cannon, head of the economic & prosperity team at British Consulate Istanbul, and Harris Irfan, chairman of the UK Islamic Fintech Panel.

“The Islamic finance sector is a rapidly expanding part of the global financial system. Currently, Sharia-compliant assets make up just one per cent of global financial assets, yet around one in four of the world’s population is Muslim,” added Dr Recep Bildik, business development director at Borsa Istanbul.

“There is clearly enormous potential for further growth. We, as Borsa İstanbul are devoted to the development of the Islamic Financial Sector, especially for the capital markets. Therefore we trust this event to be beneficial for all the participants and we hope that this Forum will have a fruitful outcome.”

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The forum was supported by the UK Foreign and Commonwealth Office Prosperity Fund, which aims to remove barriers to economic growth and promote economic reform and development in partner countries.

“The British government is proud to support this UK-Turkey Islamic Fintech Forum, in collaboration with TheCityUK and Borsa Istanbul,” said Nicholas Cannon, head of the economic & prosperity team at the British Consulate Istanbul.

“The UK financial services sector is already well represented in Turkey. Turkish companies have an increasingly strong presence in the United Kingdom. This gives us a solid platform to explore together new fields for joint working through these initiatives.”

Read more: UK labelled top three global destination for fintech firms