By Walid Shoebat
Even the secular world is now realizing that when it comes to Erdogan of Turkey, he is rising to a high status in the Muslim world, including now his increasing control over Turkey’s commerce, trade (buying and selling) and banking. Reuters had this to say about the rising Muslim star who by legislation (changing set laws) is on his way to controlling the buying and selling throughout by using Islamic Sharia approved banking and today Erdogan has honed in on the Islamic finance industry:
“Currently, there is a $1.8 trillion global Islamic finance industry . Erdogan’s rhetoric on interest rates plays into his ideal of restoring Turkey’s Islamic heritage to the heart of public life after nine decades of dominance by a secular elite following the collapse of the Ottoman Empire .”
Erdogan’s Presidential Palace
In other words, Erdogan is going back to having everything, education, legislation and finance turn to the way it was during the Ottoman Empire moving Turkey further from secularism.
It would be only a matter of time when the Islamic banking system will dominate the Muslim world in which no one can buy and sell unless they give allegiance to an Islamic alliance where no one in the sphere of Antichrist’s influence can buy and sell unless they abide by Islamically approved method of trade. Reuters adds:
Under President Tayyip Erdogan, an authoritarian leader with roots in Islamist politics and an aversion to usury, since bank interest is a sin in Islam, Turkey is hoping it can turn disdain for traditional banks among the pious into a boom in Islamic finance. where, instead of interest, banks charge service fees and depositors share in bank profits.
In the Quran, al- bay’ wa-shira’ (buying and selling) or trade must never involve forbidden riba (interest) which is viewed as a system originating from greedy Jews and Christians. In Turkey, two state-run banks – Halkbank (HALKB.IS) and Ziraat Bank [TCZIR.UL] – are pushing ahead with plans to launch Islamic banks this year, joining four existing private Islamic lenders.
Turkey last year presented a legislative framework for publicly owned Islamic banks, wants the
industry’s assets to double to $100 billion by 2023.
Fadi Hakura, a Turkey expert at Chatham House said: “It’s part of efforts to turn Istanbul into a financial hub. and also Erdogan’s aversion to interest rates, which he views as usually prohibited by Islam.”
“Erdogan has alienated liberal Turks by championing religious education in state schools and urging women to have more children. But he has become a hero of the pious masses. As the sector grows, observant Turks with conventional bank accounts look likely to make the switch and swell those numbers.”
Shariah -compliant assets in the Muslim world has boomed into a huge market. It reached about $800 billion throughout the world in 2009, according to Standard & Poor’s Ratings Services, and the potential market is $4 trillion. Qatar , Indonesia , Saudi Arabia , Malaysia , United Arab Emirates and Turkey represented 78% of the international Islamic banking assets (excluding Iran) in 2012. It is expected to grow at CAGR of 19.7% over 2013–18, significantly faster than rest of the Islamic finance world.
In 2009 Iranian banks accounted for about 40 percent of total assets of the world’s top 100 Islamic banks.
Turkey and Iran, the very composite of what John revealed, the Leopard (ancient Greece which is Turkey) and the Bear (ancient Medo-Persia, Iran) including Babylon (Saudi Arabia) are taking the lead in this massive financial control. Bank Melli Iran. with assets of $45.5 billion came first, followed by Saudi Arabia’s Al Rajhi Bank , Bank Mellat with $39.7 billion and Bank Saderat Iran with $39.3 billion. Iran holds the world’s largest level of Islamic finance assets valued at $235.3bn which is more than double the next country in the ranking with $92bn. Six out of ten top Islamic banks in the world are Iranian. In November 2010, The Banker published its latest authoritative list of the Top 500 Islamic Finance Institutions with Iran topping the list. Seven out of ten top Islamic banks in the world are Iranian according to the list. With 285 branches and 11,465 staffs, Islami Bank Bangladesh Ltd is the First and the largest Islamic banking network in Southeast Asia.