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Turkish wealth fund head says signed Islamic mortgage deal with IDB
May 3, 2017 / 5:40 AM / in 6 months

Turkish wealth fund head says signed Islamic mortgage deal with IDB

ISTANBUL, May 3 (Reuters) - Turkey’s new sovereign wealth fund has signed a framework agreement with an Islamic Development Bank (IDB) unit to develop Islamic mortgages and different types of cooperation with the bank will be on the agenda, the fund’s head said.

Turkey’s government has already transferred stakes worth billions of dollars in Turkish Airlines, major banks and other companies to the fund, which was set up last year, partly to help finance big-ticket infrastructure projects.

Fund chairman Mehmet Bostan told reporters late on Tuesday the fund had authority to support mega projects but its priority is to invest in leading global industries in areas like technology, telecoms and energy.

Bostan said financial technology was one of the fund’s areas of operation, adding it was working on a joint payment platform and mobile banking and may buy or establish a company in this area.

The Turkish fund has received invites from other national funds and was negotiating with two of them after signing an agreement with the Russian Direct Investment Fund (RDIF), Bostan added. (Reporting by Ceyda Caglayan; Writing by Tuvan Gumrukcu; Editing by Daren Butler)

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