|Date:||Saturday, October 30, 2021|
The head of the Finance Office in the Presidency of the Republic of Turkey, Mr. Koksel Aşan, stated that the Gulf countries .
News about the upcoming "Istanbul Financial Center" in 2022
Istanbul Financial Center will enhance Turkey's global position
The Head of the Finance Office of the Presidency of the Republic of Turkey, Mr. Koksel Ashan, stated that the Gulf countries intend to participate in the "Istanbul Financial Center", which will start its activities partially from mid-2022.
The Istanbul Financial Center will play an important role in the field of finance at the regional and international levels
In an interview with Anatolia, Ashan stated that the Istanbul Financial Center, which has an important strategic location in Istanbul, will play an important role in the field of finance at the regional and international levels.
Istanbul occupies a central location in the middle of the Balkan countries, North Africa, the Gulf and the Turkish republics, as well as the important geographical location that characterizes Turkey.
The Istanbul Financial Center will provide all prestigious companies, including financial institutions, to have headquarters in Istanbul, which is an important center for finance companies in the region.
- Istanbul Financial Center will have its own law
Ashan stressed that the legal base remains the indispensable element, turning the region into a center of attraction in the field of participatory finance (without interest), and that the establishment of a good and comprehensive legislative infrastructure in this regard, facilitates the process of inviting international investors.
"Of course, we have important legislation in the field of participatory finance, but it would be better to create a separate legal base that regulates only the field of participatory finance," he said.
And he added, "As the head of the Banking Regulation and Supervision Agency and the head of the Finance Office of the Presidency of the Republic of Turkey, I participate in legal studies related to this issue and expect that the relevant legislative amendments will be included on the parliament's agenda."
The Istanbul Financial Center will have its own law, "and the proposed law is on the agenda of the House of Representatives (Parliament), which will conduct the necessary discussions in this regard soon."
The proposed law deals with how the International Finance Corporation is managed, the types of exceptions and incentives, and the services available, in addition to the administrative structure.
- The center will provide all companies, including financial institutions, owning headquarters in Istanbul
On the launch of the activities of the Istanbul Financial Center, he said: "In mid-2022, an important part of the Istanbul Financial Center will be opened... We believe that an important part of the financial institutions will start working from this center, whose headquarters will be ready by the end of this year."
Istanbul is a unique geographical location that mediates between Europe, Russia and the Gulf
Ashan added that the construction work of the Istanbul Financial Center has attracted many sectors to the region, in addition to the great interest shown by international investors in this project.
He stated that he had held various meetings with finance officials in the Gulf region, noting that a large number of finance companies in the Gulf countries expressed their intention to participate in the Istanbul Financial Center and to open an office in this center.
He continued, "Istanbul has a unique geographical location that mediates between Europe, Russia, the Turkish republics, North Africa and the Gulf states... This location makes the city the focus of investors' attention."
** Center for Islamic Arbitration
Ashan stressed that arbitration is one of the most important issues for foreign investors, noting that Turkey has an important legal base and specialized courts.
Ashan pointed out that those in charge of the Istanbul Financial Center are working to establish an "arbitration center" for the Istanbul Financial Center, which will contain, for the first time, an "Islamic arbitration center".
He also indicated that the center will contain a program for talents and certificates for the purpose of "participating in youth development", which will increase the potential of human resources in the participatory funding system.
Erdogan: Istanbul Financial Center will enhance Turkey's global position
Turkish President Recep Tayyip Erdogan said that the Istanbul Financial Center will enhance his country's global position on the financial front.
In a visual message he addressed to the regional financial conference, he pointed out the challenges facing the global economy since the emergence of the Corona epidemic, pointing to its contraction during the past year, by 3.5 percent.
Erdogan praised the performance of the Turkish economy despite the challenges of the epidemic, noting that it was among the most developed countries within the Group of Twenty countries, which include the world's largest economies, during the past year.
He stressed their keenness to continue economic growth during the current year as well, pointing out that his country's economy grew by 21.7 percent in the second quarter of 2021.
Erdogan expressed his expectations for his country to achieve economic growth of 9 percent, by the end of this year.
In another context, Erdogan said that the opening of the Istanbul Financial Center will enhance his country's global position on the financial front.
He stressed that the Istanbul Financial Center project will also be an important step in the field of Islamic banking, noting that they will continue to work on legal preparations in this regard.
He added that his country's governments, over the course of the 19 years, carried out many financial and economic reforms, such as exemptions for value-added tax, tax reduction, exemption from customs tax and the allocation of investment zones.
He stressed that Turkey aims through these reforms to attract more investments to it.
Turkey is preparing to open the Istanbul Financial Center project, next year.
Money centers are specialized in opening doors to potential foreign investments in the market in which they are located, providing facilities for obtaining licenses and starting to pump investments and information on investment sectors, and protecting investments with a package of regulating laws.
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