IslamicFinance.de

According to Savings Deposit Insurance Fund (TMSF) Chairman, Sakir Ercan Gül, Bank Asya's shareholders need to wait until the end of the bank's liquidation process to receive their remaining funds. Gül said the process of paying deposits would not be immediately initiated and the finalization of the liquidation process would be delayed. The law regarding deposits grants a three-month period for payments, which will expire this month. There are nearly TL 2 billion ($653 million) worth of deposits in the bank, including TL 950 million worth of insured deposits. If the bank has any remaining funds after the liquidation process, these will be distributed to the bank's shareholders in accordance with the percentage of their shares. According to Gül, the bank is now hovering between bankruptcy and liquidation.

Turkey plans to sell Islamic lender Bank Asya by the end of May and will liquidate it if a buyer is not found, Sakir Ercan Gul, chairman of the Savings Deposit Insurance Fund (TMSF) that controls the bank said. Gul said that some of the bank's partners have accepted it, some of them have not. The bank will be sold in any case, he added. Last year the government seized the assets of Bank Asya, saying its financial structure and management presented a threat to the financial system, and took over more than 20 companies with ties to Gulen.