Bank Asya shares surge after Turkish election results

Bank Asya
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.

Source: BGNNews , June 8, 2015


Related News

668 Babies to welcome Eid Al-Adha in Turkish prisons

Six hundred sixty-eight children under the age of 6 will welcome the Muslim festival of Eid al-Adha on Friday in jails across Turkey where they are staying with their mothers. There are 149 infants younger than 12 months in prisons.

Reuters interview Gulen, he says he would not flee U.S. to avoid extradition to Turkey

Fethullah Gulen, the U.S.-based Muslim cleric accused by Turkey of instigating last year’s failed coup, says he has no plans to flee the United States and would accept extradition if Washington agrees to a request by Ankara to hand him over.

Kimse Yok Mu to send aid for Syrian refugees with 50 TIRs

Aid materials were collected from various provinces in the Marmara Region and the TIRs arrived in Bolu province. The aid material will be given to around 117, 000 Syrians in the refugee camps. 300 tons of flour, 25 tons of milk, 200 tons of dry food and clothes have been loaded in trucks.

An opposition out of Gulen Community?

Noting that it’s an interesting analogy, I told Gulen community is not a political movement and its participants refer to their movement as “hizmet.” As our conversation moved on, I got the feeling that the correspondent regarded Gulen community as the most influential organized opposition movement against the ruling AKP (Justice and Development Party).

Once shut down by Taliban, now Afghan gov’t plans to hand over successful Turkish Schools to Turkish Gov’t

Afghanistan president Ashraf Ghani has agreed to hand over the Afghan-Turk schools, previously run by a pro-Gulen institution, to the Turkish Education Foundation which is a governmental institution. This step has, however, not been welcomed by the affected schools. Officials of the schools have warned that the move would lead to closing the schools and damage the quality of education.

Gülen: purge of public officials seems ‘arbitrary’

The Turkish Islamic scholar Fethullah Gülen, who has inspired the popular civic and social Hizmet (Service) movement, has said that the reassignment of thousands of public officials from their posts without any disciplinary procedures following the Dec. 17, 2013 corruption scandal seems to have been conducted on an arbitrary basis.

Latest News

Fethullah Gülen’s Condolence Message for South African Human Rights Defender Archbishop Desmond Tutu

Hizmet Movement Declares Core Values with Unified Voice

Ankara systematically tortures supporters of Gülen movement, Kurds, Turkey Tribunal rapporteurs say

Erdogan possessed by Pharaoh, Herod, Hitler spirits?

Devious Use of International Organizations to Persecute Dissidents Abroad: The Erdogan Case

A “Controlled Coup”: Erdogan’s Contribution to the Autocrats’ Playbook

Why is Turkey’s Erdogan persecuting the Gulen movement?

Purge-victim man sent back to prison over Gulen links despite stage 4 cancer diagnosis

University refuses admission to woman jailed over Gülen links

In Case You Missed It

Illegal raid against Bank Asya spells disaster for Turkey, says TUSKON head

What is at stake is not prep schools [in Turkey]

Parliament Speaker Cicek visits Turkish School in Kiev

Minister thankful to Fethullah Gulen for backing the peace process

Welcome to the Republic of Paranoia

Police insult former Zaman columnist for not supporting Erdoğan

GYV awards peace projects in İstanbul ceremony

Copyright 2023 Hizmet News