A101’s Managers Establish a ‘Digital Bank’

With the issue of the Official Gazette published today, an important decision came from the Banking Regulation and Supervision Agency. According to the shared decision, the Board A101and Turgut Aydın Holding’s executive names to establish a digital participation bank.

In the shared announcement, the founding partners of Turkey’s new digital participation bank, Ahmet Yasar Aydin (A101 Chairman of the Board), Can Ersoz (Turgut Aydın Holding CFO), Erhan Bostan (former CEO of A101), Tolga Akar and Ali Taha Aydin listed as. BRSA, the bank’s founding capital 1 billion 500 million TL declared that. There is no explanation as to whether the bank in question will have a direct link with A101.

BRSA’s statement:

“As a result of the examination of the letter dated 02.08.2022 and numbered E-43890421-101.01.01-57318 sent in the annex of the agenda letter of the Presidency of the Board dated 03.08.2022 and its annexes;

Information and documents received within the scope of Article 4 of the Regulation on Transactions Subject to Permission and Indirect Shareholding (Regulation) and Article 11 of the Regulation on Operational Principles of Digital Banks and Service Model Banking (Digital Bank Regulation) and the mentioned information and documents are included in the mentioned articles. within the framework of the authorization given, as a result of the examination and evaluation made within the scope of Articles 7 and 8 of the Banking Law No. 5411 (Law), in accordance with Article 6 of the Law, to operate in accordance with the operating principles specified for digital banks in the Digital Bank Regulation and to apply for an operating permit within this framework. by the founding partners Ahmet Yaşar AYDIN, Ali Taha AYDIN, Can ERSÖZ, Erhan BOSTAN and Tolga AKAR with a capital of 1.500.000.000 TL in Turkey.TOM Participation Bank A.Ş.It has been decided to allow the establishment of a (digital) participation bank with the title ”.

What is a participation bank?

Participation banks, among which TOM Katılım Bankası A.Ş. has recently joined, carry out all their banking activities in accordance with the principles of interest-free banking. based on the religion of Islam These operating banks do not accept transactions involving interest, speculative and high risk in their principles. However, it does not allow banking transactions on matters deemed harmful to the society, such as alcoholic beverages, games of chance, weapons and tobacco products.

Participation banks are based on the ‘profit’, which is the gain arising from the cash or deferred sale of a commodity, and operate on a profit-loss basis. The profit share to be paid to the customer is paid from the profit resulting from the use of the funds collected in the pool.