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.
German Politician: Turkey like Nazi Germany after Reichstag
FDP leader Christian Lindner said he saw parallels between Erdogan’s behavior and the aftermath of the Reichstag fire in 1933 portrayed by the Nazis as a Communist plot against the government and used by Adolf Hitler to justify massively curtailing civil liberties. “We are experiencing a coup d’etat from above like in 1933 after the Reichstag fire. He is building an authoritarian regime tailored solely to himself,” Lindner said.
In Greece, Turks tell of lives full of fear in Recep Erdogan’s Turkey
Dominika Spyratou of the Greek NGO SolidarityNow, which provides assistance to refugees, says that more than 1,000 Turkish citizens came to Greece seeking asylum after the July 2016 failed coup, while almost 300 Turkish families are now in Thessaloniki.
What lies beneath the prep-school row between AK Party and the Hizmet
It is an open secret that Erdoğan is not targeting the prep schools, but the Hizmet movement that is inspired by the Islamic scholar Fethullah Gülen. People and companies that are sympathetic to the movement operate the majority of Turkey’s prep schools. Like the rest of the educational institutions affiliated with the movement, they are the most academically successful, sending students with outstanding scores to the best schools each year.
The U.S. may face a choice between geopolitical calculation and human decency
Such movements, especially if they’re Muslim, attract suspicion in the West. In 2008, the Dutch government began investigating Hizmet. Its conclusions were that the movement isn’t involved in terrorism or a breeding ground for radicalism, nor does it oppose integration of Muslims into secular states. In 2015, MLK’s alma mater, Morehouse College, awarded its Gandhi King Ikeda Peace Award to Gülen for his lifelong commitment to peace among nations. But Erdogan insists that Gülen is a terrorist.
The Real Enemy Within Turkey
On the hot evening of August 20 in Gaziantep, Turkey, a still-unidentified person wearing an explosive vest laced with ball bearings navigated a series of narrow alleyways in the city’s Akdere neighborhood. He approached a wedding put on by a Kurdish family from Siirt; they were hosting a Henna night, a traditional ritual where the hands of the bride-to-be are tattooed with temporary ink. At 10:50 pm, the young man’s bomb exploded, killing 54 people. At least 31 were under the age of 18.
The Pigeon, The Finger, and Hizmet’s ‘Inevitable Ambiguity’
Hizmet combines characteristics that we are not used to seeing combined in such a way: faith-inspired (in motivation) yet faith-neutral (in so many activities), informed by Qur’anic principles yet inclusive and non-missionary, predominantly Muslim but proactively engaging with wider society and responding constructively to modern and post-modern ideas and lifestyles.
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