World Bank Group has opened the Global Center for Islamic Finance in Istanbul that will focus on enhancing the partnership between the bank Group and Turkey.

The new centre will develop Islamic finance programs and establish a physical presence for the World Bank in Istanbul and will last for four years until 2017.

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

On the occasion of the opening, World Bank Group president Jim Yong Kim said the centre is a symbol of the Bank Group’s shared objectives of developing Islamic finance and maximizing its contribution to poverty alleviation and shared prosperity in client countries.

The Islamic finance industry has registered a steady 15-to-20% growth throughout the recent economic crisis, and Standard & Poor’s predicts global Islamic financial assets will rise to as much as US$3 trillion by 2015 and US$6 trillion by 2020.