Turkey's steps spur profit jumps in 2020 for interest-free banks

Even during rapid development for the interest-free banking sector both in Turkey and worldwide, last year was especially notable, with the net profits of Turkish participation banks jumping 52.5% to 3.7 billion Turkish liras ($504 million) from the previous year.

Turkey's steps to drive growth in participation banking are bearing fruit, as the sector's share rose gradually to 7.2% last year, up from less than 5% just five years ago.

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