Turkey's Vakifbank to launch Islamic unit

Turkey's third-largest state bank Vak?fbank has received regulatory approval Tuesday from the Banking Regulation and Supervision Agency to establish an Islamic banking division. Vak?fbank will be allowed to set up a stand-alone Islamic unit capitalized at $300 million. After the approval, the bank has nine months to establish its banking unit according to Turkish law. Shareholders of the new Islamic bank will include Turkish Directorate General of Foundations, Bayezid Han-? Sani (II. Bayezid) Vakf?, Mahmud Han-? Evvel bin Mustafa Han (I. Mahmud) Vakf?, Mahmud Han-? Sani bin Abdülhamid Han-? Evvel (II. Mahmut) Vakf? ve Murad Pa?a bin Abdusselam (Murat Pa?a) Foundation.