Istanbul, October 31 World Bank launched Islamic Finance Development Centre in collaboration with Turkish government Wednesday.

The centre is expected to share info on the development of Islamic finance, to play the role in strengthening the institutional infrastructure and to give consultancy service on Islamic finance

Jim Yong Kim the World Bank’s President said at the joint conference that Turkey is taking giant steps in becoming a world monetary centre and described World Bank’s cooperation with Turkey as a symbol of shared objectives and shared prosperity.

Ali Babacan the Turkish Deputy Prime Minister , stressed that the interest-free finance system is the core of the Islamic finance system, that not only contributes to monetary stability but also eliminates risks.

“Because behind this type of finance system there are real assets and real worth,” he said. “Even imf has according the benefits of an interest system based on the Islamic principles of interest-free finance system.”