↓ SCROLL TO SEE MORE ↑

What are you looking for?

News

‘Insurance sector and Islamic finance products have great potential in Turkey’

‘Insurance sector and Islamic finance products have great potential in Turkey’

The insurance sector and Islamic finance products have great potential in Turkey, and both should be encouraged, the CEO of the Turkey Wealth Fund (TWF) said Thursday.

Zafer Sonmez pointed out that the share of the banking system in Turkey’s financial sector is huge, adding 95% of the sector consists of banking, and ‘this is not healthy.”

Speaking at the Sabah 35th Age Sector Meetings organized by the Sabah newspaper, which were held virtually due to the coronavirus pandemic, Sonmez stressed that insurance products became widespread after the establishment this year of Turkiye Sigorta by the TWF.

Turkiye Sigorta, which gathered six state-run insurance and pension companies under a single roof, was launched on Sept. 7 this year.

Sonmez said the ratio of the market value of the Turkish stock market to GDP is 25%.

“To increase this, insurance companies need to take a stronger place in the stock market.”

Turkish Finance Minister Lutfi Elvan said the insurance and private pension sector, which fulfills the function of providing savings to the country’s economy, continues to grow steadily every year.

He noted that a total of 63 companies operate in the sector, saying total assets have reached 284 billion liras ($37 billion), total premiums have reached 59 billion liras ($7.6 billion) and the total number of participants has reached 12.5 million people.

The direct contribution of the sector to employment is over 100,000 people.

He also noted that in the coming period, the government will take concrete steps to move the industry forward.

“We are working on innovations that will make it attractive for our citizens to save through the private pension system. The insurance and private pension regulation and supervision agency has also started preparations for the development of participation insurance.”

Elvan also stressed that the government is working on a roadmap to increase the integration of the sector into the international system.

News

While nurses continue to tirelessly work at the forefront of the battle against coronavirus, they treat not only patients’ bodily health but also their...

News

With COVID-19 case numbers falling thanks to a strict lockdown, Turkey will gradually lift restrictions starting on Monday, according to an official announcement. An...

News

National lockdown is about to end on Monday, nearly half a million teachers and school staffers will be vaccinated for COVID-19, Turkey’s National Education...

News

The Turkish parliament is considering amending the Tourism Promotion Law, which will ensure the continuity of the Safe Tourism certification program. Deputy Minister of...

News

Turkey will start to ease lockdown restrictions next week, President Recep Tayyip Erdogan said on Friday. “We will start implementing our normalization calendar as...

News

Turkey’s downward trend in coronavirus numbers continued on Wednesday as the country reported just over 13,000 new cases, according to Health Ministry data. A...

News

A new batch of Sinovac vaccine have arrived in Turkey from China, according to the Health Ministry. The vaccines will be distributed to hospitals...

News

Turkey and Serbia agreed to recognize each other’s COVID-19 vaccine certificates for safe travel. The agreement was welcomed by Serbian ambassador to Turkey Zoran...