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Turkey to auction Islamic lender shares after controversial seizure

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Turkey will auction the shares of local Islamic lender Bank Asya following a controversial seizure in May 2015, the state-run Savings Deposit Insurance Fund (TMSF) said on Monday.

The lender could still be liquidated if the auction fails, a written statement from the TMSF said on Monday. The decision follows an earlier statement from the fund which in March said that the bank would either be liquidated or sold until the end of May.

The ruling Justice and Development Party (AK Party) seized Bank Asya on dubious grounds in May 2015, suggesting that the lender’s financial management posed a threat to Turkish banking system. The bank’s shareholders denied the allegations and vowed to take legal action. No court decision has been made so far.

Established in 1996, the bank serves with 200 branches across Turkey.

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