The re-Islamization of Turkey continues apace, as its hostility to the United States grows. Coincidence? No.
“Turkey cites Quranic verses in codes of conduct for interest-free bank auditors,” Ahval News, December 18, 2019:
Turkish authorities included Quranic verses in codes of conduct for auditors of participation banks which pay revenue rather than interest for savings, Cumhuriyet daily reported on Wednesday.
In addition to citing several Quranic verses, the regulations by Turkey’s public oversight accounting and auditing standards authority also required auditors to be god-fearing, Cumhuriyet said.
“Auditor should avoid all actions for which he could be punished by God and take precautions accordingly,” the daily quoted the regulation as saying.
Turkish President Recep Tayyip Erdoğan, once jailed for his Islamic beliefs, has a personal aversion to interest rates – he opposes higher rates as a tool of controlling inflation and has frequently taken aim at what he calls interest rate lobby for seeking to undermine Turkey’s economic success.
As a result, Turkish state-run banks, once the preserve of traditional interest-based banking, have expanded into participation banks under Erdoğan….