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Islamic Finance Pension Product Launched
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Articles
Islamic Finance Pension Product Launched
 

Islamic Finance and Turkey’s BES system have until now been mutually exclusive. In Islamic Finance, interest is forbidden. The BES system provides for money to be invested in mutual funds, whose value changes in line with the underlying investments: most of which are traditional government bonds and company shares.

Garanti Emeklilik has now launched an Islamic finance version of their BES product, developed in conjunction with a “participation bank”: Türkiye Finans.

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Asya Emeklilik bullish about Islamic-finance PPP market
 

Asya Emeklilik was the first pensions company in the Turkish market to use Islamic-finance methods. With the launch of a second company, Katılım Hayat ve Emeklilik, in November 2013, they now have a rival. But General Manager Türker Gürsoy sees this as a benefit rather than a threat, as it will enable the interest-free finance sector in Turkey to grow further.

Asya Emeklilik markets 7 different participatory funds to its pensions customers. Later in 2014 they are planning to add a fund that invests in rental income denominated in foreign currency to their offering.

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Takaful insurance trade association formed
 

With the emergence of a number of Islamic finance banks and related insurance companies in Turkey, the “Katılım Sigortacılığı Derneği” – a new association related to takaful insurance – has been established.

Called KATSİDER for short, this organisation exists to:
• Develop the takaful insurance market in Turkey
• Support those individuals and organisations in Turkey who are working in accordance with takaful insurance principles.

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