Turkey Wealth Fund
TWF completes first int’l Islamic finance transaction
Türkiye Wealth Fund (TWF) has signed a $100 million Murabaha financing agreement with Sharjah Islamic Bank (SIB).
This three-year term agreement marks the first Islamic finance transaction for the TWF.
Doğan Investment Bank acted as the financial adviser and coordinator for the transaction, the fund said in a statement.
Borsa Istanbul elects new CEO
Turkey's stock exchange Borsa Istanbul has elected Korkmaz Enes Ergun as its new CEO.
Ergun, who was elected at an ordinary general assembly of Borsa Istanbul on March 26, has 24 years of experience in the stock exchange and capital markets. He had previously served as the deputy general manager of Borsa Istanbul where he was responsible for quotation.
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Turkey replaces general manager of Wealth Fund
Arda Ermut has been appointed as the new general manager of the Turkey Wealth Fund (TWF) after Zafer Sönmez was dismissed, according to the Official Gazette early on March 9.
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Wealth fund ‘subject to thorough and strict audit’
The Turkey Wealth Fund (TWF) is subject to very strict and thorough audit, Vice President Fuat Oktay has said.
Replying to opposition criticism about the debt ratio of the fund during a parliamentary debate on the 2021 budget, Oktay said on Dec. 16 that claims that the TWF is not being audited are wrong.
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Qatar becomes 10% shareholder of Turkey's stock exchange
The acquisition of a 10% share in Turkish stock exchange Borsa Istanbul by the Qatari state Investment Authority was completed on Nov. 30.
According to a statement from the Turkiye Wealth Fund (TWF), the transaction size of $200 million implies a total equity value of $2 billion.
Albayrak resigns from Turkey Wealth Fund
Former Treasury and Finance Minister Berat Albayrak has resigned from the board of directors of the Turkey Wealth Fund, according to an official statement.
Albayrak, who is also the son-in-law of President Recep Tayyip Erdoğan, earlier this month resigned as finance minister citing health issues.
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Turkish investment funds hit record level of $22 bln
The total volume of the investment funds in Turkey has exceeded 150 billion Turkish Liras ($22 billion), and the number of people and entities investing in them has reached 3.1 million, according to the Settlement and Custody Bank of Borsa Istanbul (Takasbank).
Turkey's Wealth Fund to raise state lenders' core capital
The Turkish Wealth Fund (TWF) announced late on May 11 that it will raise the core capital of three state lenders.
"To strengthen capital structures and support the adequacy of Ziraat Bank, Halkbank and VakıfBank, we have launched the necessary works to raise core capitals by a total of 21 billion Turkish liras [some $3 billion]," the TWF said in a statement.
Turkey Wealth Fund consolidates public insurance firms
The Turkey Wealth Fund (TWF) acquired all shares of public insurance companies for 6.54 billion Turkish liras ($936.7 million) to consolidate them under a single roof, the fund said late on April 22.
New help for virus-hit firms from Turkey Wealth Fund
Under the new legislation, the (TWF) will now be able to buy or to become partners with companies facing difficulty due to the coronavirus pandemic.
Turkey's Parliament on April 16 passed the bill prepared by the ruling Justice and Development (AK) Party to cushion the virus' impact on economic and social life.