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Turkey to increase gold-storage capacity to become regional hub

Section: Daily Dispatches

Turkey to Increase Gold-Storage Capacity to Become Regional Hub

By Daily Sabah Staff with Anadolu Agency
Daily Sabah, Istanbul
Saturday, August 6, 2016

Borsa Istanbul Stock Exchange Chairman Himmet Karadağ said the gold-storing facilities that would increase Turkey's current capacity for storage of hidden gold ten-fold with a capacity to hold up to 1,600 tons of gold and silver will soon begin operating near Kuyumcukent in Istanbul.

"As in London, where gold bars of foreign countries are kept safe, [Turkey] aspires to have the same capacity [for gold storing] as well," Karadağ said.

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Speaking to Anadolu Agency, Karadağ emphasized that market capital and the stock exchange should be strengthened in terms of volume and product diversity, including Islamic finance within that scope. The chairman said that establishment of an International Advisory Council is crucial for drawing Gulf capital to Turkey, attracting Islamically sensitive investors and increasing product diversity.

Karadağ noted that they would pave the way for not only participating banks but also non-affiliated banks that stand to benefit from the council, which would set standards to aid in the production of Islamic financial products, as well as conducting audits of those standards. ...

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