IslamicFinance.de

The takeover of Bank Asya by the Turkish Savings Deposit Insurance Fund (TMSF) is entirely legal and judicial, but not political, Turkish Prime Minister Ahmet Davuto?lu said on late Feb. 4. Many people continued to show their support to the bank by putting money into their bank accounts Feb. 5, although some others were reported closing their bank accounts. TMSF seized some 63 percent of Bank Asya shortly after the banking watchdog (BDDK) ruled in favor of its seizure on late Feb. 3. The BDDK said in a statement on its website that it seized the bank “because the institution has not presented a partnership structure that is transparent and open enough to allow for effective regulation.” The watchdog appointed a new board of directors immediately after the seizure.