Istanbul Finance Center will be Islamic finance hub: Erdoğan

With Istanbul Finance Center, a project expected to be launched by early 2022, Turkey targets to be a hub for Islamic finance, the nation's president said on Oct. 21.

"We are seeking to become one of the important centers in the world with the Istanbul Finance Center. We want this project to become a center for Islamic finance as well," Recep Tayyip Erdoğan said in a video message to an economy event - Regional Finance Conference - held in Istanbul.

The president added that the legislative work regarding the landmark project will be completed soon.

The Istanbul Finance Center project is set to serve as a global hub for financial systems and non-banking financial methods.

Turkey, Erdoğan said, has a lure for foreign investors with tax exceptions and discount.

He also mentioned steps to improve the infrastructure environment and moves to link transportation corridors which create opportunities for investors.

"There are many fields in which we can cooperate, from energy to transportation, defense industry, technology, finance, and food. We expect investors to make the most of these opportunities."

Erdoğan said it is an important gain that Turkey's name comes to the fore for alternative destinations to the Asian-based production and supply network.

"As a government that has carried out historical reforms in every field for the last 19 years, we are determined not to let this trust in Turkey fail," he pledged.

Turkey's economic growth despite pandemic

Amid the COVID-19 pandemic, the world has been struggling with a global crisis which has both economic and health-related fallouts, the Turkish leader said, adding last year's economic data clearly showed what kind of a storm the world...