Turkey’s Islamic banking assets are set to double within a decade as government initiatives drive growth in the sector, credit rating agency Moody’s announced on Monday.

According to a Moody’s report published today, Turkey’s Islamic finance sector is currently smaller than other large Muslim countries, and its slow start means it has ample room to expand.

“The sector represented just over 5.8% of banking assets at the end of Sept. 2019, compared to Malaysia (33%) and Middle Eastern countries (15% – 77%),” it added.

Noting that the Turkish government has founded three new state-owned Islamic banks from 2015 to

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