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.

Levent, Karaköy, Nişantaşı …. it used to be that all of the insurance companies in İstanbul were in the same neighbourhood. But with the development of new office business districts companies are on the move.

It doesn’t seem all that long ago that I was reporting on bullish statements made by the General Manager of Asya Emeklilik. This Islamic finance pensions company is linked to Turkey’s first Islamic finance bank Bank Asya.

Things can change very quickly in Turkey. Last week Bank Asya took out full-page advertisements in many national newspapers defending itself against what it terms a wide range of smears in the press, reminding people that any actions taken to try to destabilise a bank are against Turkey’s Banking Laws and notifying public opinion that they have opened 286 lawsuits against papers and journalists.

So why is the bank feeling embattled?