Istanbul Financial Center to start operations mid 2022
At the beginning of next year 2022, Turkey intends to inaugurate the Istanbul Financial Center, which will have a significant impact on the future of Istanbul and significantly raise its global position at the level of global financial centers in addition to its role in promoting the growth of the Turkish economy and moving the wheel of production in Turkey.
In a statement, the Head of the Finance Office at the Presidency of the Republic of Turkey, Koksel Ashan, said that the Istanbul Financial Center, which has an important strategic location in the city of Istanbul, will have an important role in the field of finance at the regional and international levels, and also indicated that the Gulf countries intend to participate In the center, which will start its activities partially from mid-2022.
The center will integrate many financial institutions and organizations such as financing institutions, financial investment companies, investment portfolio management and banking financial institutions with their traditional and Islamic sides, which makes Istanbul Financial Center an integrated financial ecosystem.
The center is also considered an important step in the field of Islamic banking, as legal preparations are being worked out in this regard.. In recent years, Turkey has become an important center in the Islamic banking market, due to its possession of the ingredients, laws and an attractive environment for this type of market.
According to the forecasts of the US credit rating agency, Moody's, Islamic banking services in Turkey will double over the next five years, with the help of supporting laws and regulations and expanded distribution networks.
The largest regional financial center
The Financial Center project was announced for the first time in 2008, and the implementation procedures began in September 2009.. It is located in an urban area on the Asian side of Istanbul.
The center will include buildings belonging to the Central Bank of Turkey, the headquarters of Turkish state banks, such as: Ziraat Bank, Halk Bank and Waqf Bank, as well as the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board (SPK), and many other headquarters. Financial organizations and institutions, in addition to private institutions and audit institutions.
With a total area of about 3.5 million square meters, it contains office buildings of 1.4 million square meters, a shopping center of 100,000 square meters, a conference center, a multi-purpose performance hall, a 5-star hotel, a financial education center, and a car park with a capacity of 26,000 vehicles. In addition to recreational areas. It is expected to create job opportunities for more than 120,000 employees, and the number of its visitors to reach more than 75,000 visitors on a daily basis.
Exciting predictions for the future of the fledgling financial center:
During the past decade, Turkey and the city of Istanbul in particular have become an important center in the Islamic banking market, and in a short period it has turned into the largest financial center between Frankfurt (Germany) and Mumbai (India), according to Melkshah Otgu, General Manager of Al Baraka Bank, who spoke to Anadolu Agency earlier. . Otgu added, "Turkey has qualified to be the capital of this type of economy, with its infrastructure, laws and an attractive environment for the advancement of this industry."
The center is expected to generate an estimated income of $250 billion, as well as an added value that will be injected into the Turkish economy in a sustainable manner, and among the long-term plans is that the total value of income will reach more than $160 billion after 15 years of its opening. The Turkish government is working to make the center a regional and international hub for financial technology, by carrying out numerous financial activities and hosting a number of courts, such as the International Finance Corporation’s Arbitration Center, in addition to financial courts and the Islamic Arbitration Center, which is specialized in arbitration matters for Islamic banks.
The investment opportunity is still open:
In early 2009, Turkish construction companies received news that work had begun on the financial center and had built many residential and commercial projects in the vicinity of the center. As real estate prices in that area rose rapidly, and because employees are expected to come to the new center when it is finished, there will be greater demand for homes to buy or rent. We at Akarkom International have collected all the information about these projects and the best offers and opportunities available in them to meet our clients and investors wishing to take advantage of this opportunity where you can contact us through WhatsApp directly to know all the details.
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