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Koc Financial Services, a 50:50 JV between Turkey’s Koc Holding and Italy’s UniCredit, controls an 81.9% stake in Yapi Kredi, with the remaining 18.1% publicly traded on the Borsa Istanbul.
8.1.8 Banks news
There are three state-owned Islamic banks (Emlak, Vakif Katilim, Ziraat Katilim) and three private Islamic banks (Al Baraka, Kuveyt Turk and Turkiye Finans) operating in Turkey.
The combined assets of the Islamic lenders (also known as participation banks in Turkey) increased by 29% from 2017 to stand at TRY207bn at the end of 2018. The net profit of the banks jumped 34% to TRY2.12bn last year.
Funds collected by the Islamic lenders rose by 30% to stand at TRY137bn whereas loans extended by the institutions increased 17% to TRY125bn.
They had around 16,000 personnel and more than 1,100 branches at the end of 2018.
8.2 Central Bank policy rate
Turkey’s central bank slashed its key interest rate by a more-than- expected 325 bp on September 12, meaning that the national lender has now
59 TURKEY Country Report October 2019 www.intellinews.com
