World Bank President labels Turkey an “inspiration” and opens Islamic finance hub in Istanbul

Turkey has taken a step closer to becoming an important player on the global economic stage, following the opening of the Global Center for Islamic Finance in Istanbul on 30th October by World Bank Group President Jim Yong Kim.

Jim Yong Kim was accompanied by Turkish Deputy Prime Minister Ali Babacan at the opening, which formed part of a two-day visit to Turkey focusing on enhancing the partnership between the Bank Group and Turkey, the second largest World Bank Group client and a growing key regional player.At the opening, Kim stated that the Center is a symbol of the Bank Group’s shared objectives of developing Islamic finance and maximizing its contribution to poverty alleviation and shared prosperity in client countries.

“It is my hope that this Center will become the cornerstone for these efforts, serving as a knowledge hub,” emphasized World Bank Group President Jim Yong Kim, “with Turkey taking a leading role in designing and delivering cutting-edge technical assistance, advisory services, as well as generating and disseminating practical knowledge on how to make Islamic finance more relevant for growth and development.”

Earlier in his trip, Kim attended the 5th Izmir Economic Congress, a national economic forum that helps shape the economic policy agenda of the country for the coming years. In his opening remarks, Kim underlined the twin goals of the World Bank Group to end extreme poverty by 2030 and boost shared prosperity for the bottom 40 per cent in developing countries.

“Turkey’s economic achievements are an inspiration for many other developing countries,” said Kim. He added, “We look forward to continuing our productive partnership with Turkey to help sustain your impressive achievements, to overcome your remaining challenges, and to share your remarkable experience with countries around the globe.”