IslamicFinance.de

In #Turkey the insured participation funds at the Bank Asya are being paid to the rights holders through the state-owned Vakif Participation Bank. On May 29, 2015, the Banking Supervisory and Regulatory Authority (BDDK) ruled for a complete takeover by the Savings Deposit Insurance Fund (TMSF) of all Bank Asya shares. According to yesterday's announcement, up to TL 100,000 ($28,247) of the total of insured participation funds at the Asya Participation Bank have been paid to the right holders in Turkish liras. The banks operating permit has been abolished. It was put on sale by the Fund Board, but did not receive any offers despite the extension of the bidding period.