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Only banks with at least 100 million liras can issue mortgages based on the principles of islamic finance in Turkey

05.05.2021 (updated 20.07.2021)
  • 05.05.2021
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Only banks with at least 100 million liras can issue mortgages based on the principles of islamic finance in Turkey

Only banks with at least 100 million liras in their accounts will be able to issue mortgages based on the principles of Islamic finance in Turkey.

The government required financial institutions to have this amount of money or more.

The Muslim mortgage lending system in the Republic of Turkey has been working since 1991. According to its rules, loan recipients pay the principal amount to the bank over several years, as well as pay an additional seven to ten percent.
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