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.
Turkish parents worried about gov’t plan to shut down study centers
Working parents are extremely concerned with a planned move from the Justice and Development Party (AK Party) government to shut down study centers, where children can spend time after school doing their homework with the assistance of educational professionals, as part of a law that will see private prep schools that help students in preparing for high-school and university tests close.
Police, gov’t inspectors raid Gülen-inspired private, prep schools in Gaziantep
In another instance of a government-orchestrated operation targeting the faith-based Gülen movement, the police along with inspectors from several ministries and institutions conducted raids at eight institutions owned by the Safa Education Institution, which was established by volunteers of the movement in Gaziantep, early on Monday.
Gülen: The Ambiguous Politics of Market Islam in Turkey and the World
The Hizmet Movement is Turkey’s most influential Islamic identity community. Widely praised throughout the early 2000s as a mild and moderate variation on Islamic political identity, the Gülen Movement has long been a topic of both adulation and conspiracy in Turkey, and has become more controversial as it spreads across the world. In Gülen, Joshua D. Hendrick suggests that when analyzed in accordance with its political and economic impact, the Gülen Movement, despite both praise and criticism, should be given credit for playing a significant role in Turkey’s rise to global prominence.
Turkish businesswomen building orphanage in Burundi
Over a dozen Turkish businesswomen visited Bujumbura, the capital of Burundi, which neighbors Kenya and Rwanda in East Africa, from Friday to Sunday with an aid program organized by the İstanbul-based nonprofit Kimse Yok Mu (Is Anybody There) foundation.
Human rights group urges foreign gov’ts to ensure safety of Gülen followers
Virginia-based human rights organization Advocates of Silenced Turkey (AST) in a piece on HuffPost has called on foreign governments to ensure the safety of participants of the Gülen, or Hizmet, movement.
It’s not about a conflict between the government and Hizmet movement
Insanity ripples through the country, the media and the people. If graft or corruption is the prevailing form of life spreading from the state to society, and if this form of life is supported by people, then we are hitting the bottom day by day. A prosecutor can say “We can detain 500 thousand people if necessary” and still hold his post as if he said quite an ordinary thing. Whereas in Europe mental health of such a prosecutor would be called into question and most probably examined.
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