The Cabinet of Turkey has approved an agreement signed between the Undersecretariat of the Treasury and the World Bank to establish the World Bank Global Islamic Finance Development Centre in Istanbul.

The agreement came in the form of letters between the World Bank, which proposed to build the centre, and the undersecretary of the Treasury Ibrahim H Canakc?.

The project will include development of work programs related to Islamic finance and will provide World Bank with physical presence in Istanbul, according to a World Bulletin report.

The centre will partner with stakeholders in the areas of Islamic economics and finance including international financial institutions, standard-setting bodies, nongovernmental organisations and the private sector.

The four year construction period of the centre will end in 2017.