IslamicFinance.de

Turkey’s stock exchange halted trading in Asya Katilim Bankasi AS (ASYAB) twice today, deepening concern about the Islamic lender that has lost almost half of its market value this week. Istanbul-based Bank Asya swung between losses and gains of as much as 11 percent before Borsa Istanbul halted trading, saying “abnormal” buy and sell orders warranted the decision. The stock resumed trading on Sept. 15 following a five-week suspension imposed on the heels of a failed takeover bid by Qatar Islamic Bank SAQ and amid speculation the government will seize the lender. It fell 48 percent in the three days through yesterday. The lender is “just trying to stay afloat,” Erdogan said today.