Roadmap aims to position Turkiye as leading country in participation finance by implementing inclusive, sustainable, innovative financial system
Turkiye has unveiled its first national strategy for participation finance in 2022-2025 with aim of strengthening the country’s position in international financial markets.
The Participation Finance Strategy Document (PFSD) 2022-2025 was published in the Official Gazette on Oct. 5, according to a statement from the Presidential Finance Office on Thursday.
The roadmap aims to position Turkiye as the leading country in participation finance by implementing an inclusive, sustainable, and innovative participation financial system that operates in accordance with the tenets of participation finance and considers goal-oriented principles.
The document “was prepared for objectives of operating in compliance with the tenets of participation finance, creating viable and realistic solutions to various structural problems, reaching its deserved place in the financial system and effectively supporting the Turkiye Economy Model,” said the statement.
The strategy document was designed around five main goals: realizing institutional transformation, establishing supportive mechanisms, forming a holistic fiqh (Islamic jurisprudence) governance structure, ensuring the development of human capital, and boosting positive perception, awareness, and participation financial literacy.
Towards these strategic objectives, 84 action items were determined.
A Participation Finance Strategy Document Coordination Board will be established in order to ensure coordination between institutions and organizations in the implementation of the action items in the PFSD and for high-level assessment of the feedback from the action plan implementation and monitoring groups.
Members of the board, which will meet under the chairmanship of the Presidential Finance Office, will consist of executive managers of the institutions and organizations directly related to PFSD and will meet at least every four months.
In addition, the action plan implementation and monitoring groups, consisting of representatives of responsible and relevant institutions and organizations, will be formed for the realization of the strategic goals and objectives in the PFSD.These groups will meet every three months.
“As the Finance Office, we aim to find realistic and applicable solutions to the structural problems of the participation finance system, and to build a financial structure that will contribute to Turkiye’s financial independence, strong, sustainable and inclusive growth, with the roadmap laid out within the scope of the PFSD,” it said.