BANKING - Bank Asya has applied to establish 4 pension funds

www.bankasya.com.tr - Bank Asya 97.99% subsidiary Asya Emeklilik ve Hayat AS has applied for establishing four pension funds and each one has initial capital of 1 billion Turkish Liras; These are "Asya Emeklilik ve Hayat AS Buyume Amacli Katilim Hisse Senedi Emeklilik Yatirim Fonu", "Asya Emeklilik ve Hayat AS Buyume Amacli Grup Katilim Esnek Emeklilik Yatirim Fonu", "Asya Emeklilik ve Hayat AS Buyume Amacli Katilim Esnek Emeklilik Yatirim Fonu" , "Asya Emeklilik ve Hayat AS Gelir Amacli Gelire Endeksli Senetler Emeklilik Yatirim Fonu" and Capital Markets Board of Turkey has approved establishment of these pension funds. (source)

www.bankasya.com.tr - Turkish Treasury has authorized Bank Asya 97.99% subsidiary Asya Emeklilik ve Hayat AS’s license to operate in the pension industry.  (source)

FINANCE - Islamic pension funds make first appearance

Interest-free pension funds have been making inroads into Turkey ever since the requirement necessitating holding at least 30 percent of Treasury bills and bonds in investment portfolios was lifted in 2008

After the establishments of participation banks, interest-free pension funds were next in line. The Capital Markets Board (SPK) lifted the requirement that 30 percent of the funds in the pension funds pool should be in Treasury bills and bonds. With the new regulation, participation banks have begun offering retirement packages to customers who do not want interest-bearing accounts.

The primary investment tool used in the pool of these pension funds is income-indexed bonds (GES) since the Islamic mode of finance depends on assets and not on money itself. GESs distribute the revenues of the Turkish Petroleum Corporation (TPAO), the State