Bank Asya shares surge after Turkish election results
Bank Asya
Date posted: June 10, 2015
The AK Party’s failure to secure enough votes to form the government reflects on the stock market, with the politically-seized Bank Asya’s shares observing a 10.75 percent increase at opening on Monday amidst an overall drop in Borsa Istanbul.
Bank Asya had long been subject to political attacks and repeated demands by President Erdoğan to be taken over despite the fact that the publicly traded Islamic lender had one of the best capital adequacy ratios of the sector. Defamatory rumors published by pro-government press have been challenged, but unpunished.
As a result, in late May Turkey’s Banking Regulation and Supervision Agency (BDDK) seized the publicly-traded Islamic bank, placing it under the Savings Deposit Insurance Fund (TMSF), causing mass outrage by financial markets and banking experts.
The controversial move came months after the BDDK took control over its management after a long government-orchestrated campaign against it.
Bank Asya’s shareholders’ lawyers have voiced a strong demand for the return of the management to its rightful owners, and have applied to the courts to take action.
AK Party-Hizmet clash a blessing for world Muslims
The Hizmet has proven that one can remain religiously observant and rise against tyranny at the same time. Thank God the Hizmet movement is one of the main actors in Turkey that has resisted the seemingly democratic but actually autocratic AK Party government’s lawless policies.
University preparatory courses and the Hizmet movement in Turkey
Most (university) preparatory courses (in Turkey) are run by the Hizmet movement, and it is very clear that the government’s steps to close down such courses, an action against the movement, will negatively affect a great number of people. Many analysts said it is impossible for the ruling Justice and Development Party (AK Party), which does not have a good relationship with the Hizmet movement, to close down preparatory courses in the run-up to the pre-election period.
Gov’t discriminates against Hizmet-affiliated private schools
Some private schools affiliated with the Hizmet movement, a faith-based social movement inspired by Islamic scholar Fethullah Gülen, have been prevented from accessing government incentives. According to an official list published by the Education Ministry on Monday, many high-achieving private schools did not make the cut to be eligible for financial aid from the government.
İstanbul hosts dialogue leaders to discuss tolerance in education
MAHIR ZEYNALOV “What we are doing here is for the better future of our people, to tackle global threats and institute global peace,” said Rostislav Rybakov, head of the Institute of Oriental Studies, during a conference held in İstanbul on Monday to discuss tolerance and dialogue in education. The Dialogue Eurasia Platform (DEP) together with […]
Turkey-Japan Media Forum kicks off in İstanbul
Many journalists from Turkish and Japanese media outlets will participate in the forum, during which the attendees will discuss the role of media in terms of multiculturalism and coexistence, the perception of Turkey in the Japanese media and the perception of Japan in the Turkish media, the relationship between media and democracy and new media tendencies in the digital era.
Who is the winner?
The Gülen community is a movement of volunteers. The real reason for the row is not the community’s attempt to meddle in politics. It is due to its sheer size and public image. As he did with other groups or communities, Erdoğan sought to take full control of the Hizmet movement in an effort to consolidate his power. Following the defeat of the military tutelage, the government saw a convergence of power. However, the Hizmet movement was not a piece of cake which it could swallow easily. The government had previously purged itself of many bureaucrats who are close to the community.
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