Turkey can play a leading role in the Islamic finance sector globally, a top official of a Bahrain-based council said Friday.
Abdelilah Belatik, secretary-general of the General Council for Islamic Banks and Financial Institutions (CIBAFI), which represents the sector globally, said: "Turkey is a large Muslim country and a member of G20, ... [exactly like] Saudi Arabia and Indonesia. In this sense, it can play a leading role in the sector."
He added that Turkey was a bridge between the Muslim world and the West.
Belatik said through Turkey's support Islamic finance was discussed among G20 countries, which was a milestone.
"For the first time at the G20 level there was a discussion about participation finance and what it can do for the global economy."
He added Turkey had a key role to play in raising awareness about Islamic finance.
Belatik added that CIBAFI expects the volume of the sector to reach $4 trillion by the end of 2020.
"In 2010, the size of the industry was $1 trillion and it almost doubles every five years. If we continue like this, in 2050 it may exceed to $150 trillion," Belatik said.
