The first Islamic Finance Research Center will open in Turkey, the chairman of the Board of Directors of the Istanbul Stock Exchange Ibrahim Turhan said, Turkish Zaman newspaper reported on Thursday (26 Sep 2013).

According to Turhan, the first Islamic finance research center to be opened in Istanbul.

Islamic banking is a way of doing banking affairs, which is consistent with the religious rules of Islam. The essence of Islamic economics, above all, is to eliminate interest payments and futures transactions. The rules by which the Islamic bank operates are the general prohibition on lending rates and speculation.

Today, there are over 150 Islamic banks in Muslim world. The size of deposits in the accounts of these banks range from 80 to 120 billion dollars.

*This article was published by the AhlulBayt News Agency (ABNA.co). Read the original article here.