Istanbul Financial Center to launch in mid-2022 with Gulf and Arab participation

Istanbul Financial Center, which has an important strategic location in the city of Istanbul, will play an important role in the field of finance at the regional and international levels, check the details through Imtilak Real Estate.

Istanbul Financial Center to be launched in mid-2022

The Head of the Finance Office at the Presidency of the Republic of Turkey, Mr. Koksel Ashan, stated that the Istanbul Financial Center will be partially launched in the middle of 2022, with the participation of many finance companies in the Gulf countries.

In an interview with Anadolu Agency, Asan stated that the Istanbul Financial Center project will play an important role in the field of financing at the regional and international levels because it has an important strategic location in Istanbul.

The Istanbul Financial Center, which is an important center for finance companies in the region, will also provide headquarters in Istanbul, for all reputable companies, including financial institutions.

A special law on Istanbul Financial Center

The important role of the Istanbul Financial Center in the field of finance at the regional and international levels is evident through the central location that characterizes Turkey in general and Istanbul in particular on the global map, where Turkey is mediated by the Balkan countries and the Turkish republics and is close to the Arab countries and North Africa.

Asan focused on the need for a legal base to be the main and indispensable pillar in this center, and the establishment of a good and comprehensive legislative infrastructure in the field of participatory financing, to facilitate the process of inviting international investors, and to turn the region into a center of attraction in the field of participatory financing (without interest).

Asan added that it would be preferable to create a separate legal base, regulating the field of participatory finance only. In this context, he said:

“As the head of the Agency for Banking Regulation and Supervision, and the Head of the Finance Office of the Presidency of the Republic of Turkey, I participate in legal studies on this subject, and I expect that the relevant legislative amendments will be put on the agenda of Parliament.”

He continued that the Istanbul Financial Center will have its own law. The proposal for this law is on the agenda of the House of Representatives (Parliament), which will conduct the necessary discussions in this regard soon.

One of the most important topics covered by the law proposal is how to manage the International Finance Corporation, the types of exceptions and incentives, the services available, in addition to the administrative structure.

Regarding the start date of activities in the Istanbul Financial Center, the middle of 2022 has been set as the date for the opening of an important part of the Istanbul Financial Center, and it is expected that work from this center will begin by the end of this year after the completion of the readiness of its headquarters.

Istanbul Financial Center is a magnet for investors

Many international investors have shown great interest in the Istanbul Financial Center, especially after the start of private construction work in this center, which attracted many sectors to the region.

After conducting many different meetings with finance officials in the Gulf region, Mr. Asan mentioned that a large number of finance companies in the Gulf countries expressed their intention to participate in the Istanbul Financial Center and open an office in this center.

He referred to the strategic location of the center, saying: "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."

Establishment of an Islamic Arbitration Center

Asan stressed that those in charge of the Istanbul Financial Center are working to establish an "Islamic arbitration center" for the first time, especially since arbitration is one of the most important issues for foreign investors, noting that Turkey has an important legal base and specialized courts.

He also drew attention to the fact 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.

 

Edited by Imtilak Real Estate©

Reference: Anadolu Agency

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