IslamicFinance.de

The Savings Deposit Insurance Fund (TMSF) announced that the operations of Bank Asya will be temporarily frozen. According to the official announcement, the decision was made by the Fund Council in accordance with Article 107 of the Banking Law. The tender for the sale of Bank Asya's shares was scheduled for Friday and TMSF announced that no bid had been offered for the tender. Although shares were planned to be opened to transactions following the bank's sale, Bank Asya's shares are now closed for transactions. Bank Asya is believed to be the main financial institution for the controversial Gülen Movement, which is accused of large-scale cheating and nepotism.