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Pursuant to the Cabinet Decree No. 2010/974 as set out in the Ministry of Finance’s letter dated 28.10.2010, KKDF rate applied to consumer credits has been increased from 10% to 15%.
The rate of KKDF shall be 15% for the consumer credits made available and credit card transactions with late interest after 28.10.2010.
The Decree is also valid for on-going consumer credits and remaining installments in credit card transactions with late interest; KKDF amounts shall be updated on the base of 15%.
Please click for the relevant letter of the Ministry of Finance.
In the statement made by Kuveyt Türk to the public, it is said “We have been deeply affected by this second disaster to befall our sister country Pakistan after the previous earthquake. Just as we, as individuals, could not stand idly by in the face of the flood disaster our Pakistani brothers have been going through, we could not, as an institution, be indifferent to the situation. We want to help heal the wounds opened by this catastrophe and share the victims’ hardships.” Ufuk Uyan, CEO of Kuveyt Turk, said “All the humanitarian aid and relief activities of the Turkish people including individuals, the government, and non-governmental organizations have taken on a different meaning since we are also on a spiritual journey these days during the month of Ramadan. All the faithful helping hands our nation has extended to the friendly country of Pakistan are necessitated by the bonds of brotherhood between our two peoples. Until our brothers are fully relieved of their suffering or their pain alleviated to manageable levels, we must continue to offer help and stand by the suffering victims because we must provide not only for their urgent needs but also for their continued survival.” The statement noted that financial aid for Pakistani victims in the value of 1 million TL had been transferred to the bank account opened by Turkish Prime Ministry Disaster and Emergency Management Directorate and that a new aid campaign would be launched to give support to Turkish Red Crescent projects to provide for the victims’ basic necessities including accommodation, medicine, and so on. In the new aid campaign, Kuveyt Turk employees and customers shall be invited to make contributions to the account of the Turkish Red Crescent at every Kuveyt Turk branch. Kuveyt Turk chooses Mobinex's Smartface
Kuveyt Turk chose Smartface Platform to develop and manage various mobile banking applications for its customers. Mobinex, developer of Smartface Platform, shall also offer solution and consultancy services to Kuveyt Turk in user experience and user interface design as well as Smartface Platform infrastructure.
Mobile Banking refers to provision of banking and financial services with the help of mobile telecommunication devices. Despite the fact that Mobile Banking is most often performed via SMS or Mobile Web Sites, mobile applications are preferred more by customers due to superior user experience and security functionalities.
Retail Marketing and Product Development Manager of Kuveyt Turk, Mustafa Dereci, said “We always are proud to render fast service of high quality through our branch offices, alternative delivery channels and correspondent banks within and outside the country employing all state-of-the art technological facilities to depositors and investors. Our choice of Smartface Platform and Mobinex shall add value to us with their expertise in both technology and Mobile Application development.”
“Researches indicate that that the number of mobile banking users in Europe shall grow from 9 million users in 2010 to 115 million users in 2015. There are two distinguished reasons beyond this huge growth; increase in the use of mobile applications and the strict connection between information technology and finance sectors. We welcome Kuveyt Turk as one of our leading partner in Turkish Banking sector and we believe our success story shall be repeated by Kuveyt Turk’s guidance within MENA region” said Osman Celik, Executive Vice President of Mobinex.
Upon this issuance for which LMH (Liquidity Management House) and Citibank act as joint lead regulators, Kuveyt Turk has introduced to Turkey this financial product which has a wide range of application especially in the Gulf region and Malaysia. The demand from a wide geography for the first SUKUK of Turkey was 1, 5 fold of the amount of issuance. On the prompting of the issuance, which was 5.25% of the final return, an Iftar dinner was held yesterday evening at Les Ottomans Hotel with the participation of the Turkish Minister of Finance, Mehmet Şimşek. Speaking at the dinner, Chairman of Kuveyt Turk, Mohammed Al-Omar, emphasized that the interest in SUKUK as a method recently adopted by many governments, financial institutions and companies from Europe to the Far East to secure funds from international markets had risen rapidly all over the world in the last ten years. A total of $120 billion SUKUKs were issued throughout the world in the last ten years. Expressing that the total amount of SUKUKs issued globally had reached $120 billion in the last ten years and reminding that the issuance of SUKUKs had been on Turkey’s agenda for a long time, Mr. Al-Omar noted Turkey had not gotten a share until that day from that market having a volume of more than one hundred billion dollars. “We hope that this issuance encourages issuance by other financial institutions and corporations. In this respect, we shall have brought a new financial product in the Turkish economy with all its benefits and advantages. This issuance should be considered a highly significant development for international investors looking to invest in interest-free products. If this product becomes widespread, funds from global markets shall flow into Turkey, as the Gulf region takes the lead” said Al-Omar. Underlining the fact that SUKUK was a key instrument to meet Turkey’s need for long-term financial resources, CEO of Kuveyt Turk, Ufuk Uyan, said “With this first step, we aim at making new issuances follow the on-going issuance of $100 million. As Kuveyt Turk, our objective is to play a leading role in generalizing this financial instrument.” Announcing that the bond would be traded at the London Stock Exchange, Uyan said that they not only had rapidly increased the number of service channels in Turkey but also had brought different initiatives in foreign markets. He noted that they continued to develop many new products in a wide spectrum from retail banking, project finance, and investment banking to Treasury instruments and added “In line with our vision for the future, our aim is to sustain our innovative approach and provide our customers with new products and services in interest-free banking.”
GoldPlus, gold exchange traded fund of Kuveyt Turk, started to be traded at the exchange. Kuveyt Turk, which leads the way to new products and services in participation banking each day, listed its gold exchange traded fund GoldPlus for trading in the Istanbul Stock Exchange. Thus, thanks to GoldPlus, Kuveyt Turk is the first participation bank in Turkey to have established an exchange traded fund. During the speech he gave in the bell ceremony of GoldPlus, Chairman of Kuveyt Turk, Mohammad S.A.I. Alomar, underlined that Kuveyt Turk had significant achievements in global banking owing to its reliable and powerful partnership structure since its foundation and added “We do care for Turkish market very dearly, and it’s also true that we see higher growth prospects in Turkey compared with other countries. According to our estimations, Turkish operation shall take the top position among our global subsidiaries in the long term. Also GoldPlus, our new product for which we hold a ceremony today, shall be a model for our other organizations in the entire Kuwait Finance House (KFH) network in Malaysia, Bahrain and Saudi Arabia.” Mohammad S.A.I. Alomar stated that, as Kuveyt Turk, they aimed at growing both domestically and internationally. During the ceremony, Vice Chairman of Kuveyt Turk, Abdullah Tivnikli, mentioned that GoldPlus was the first gold exchange traded fund in participation banking. "Having been established during the years when Turkey attracted a very limited number of international capital investments, Kuveyt Turk has proved with the business results it has reached that it is a very visionary investment. Today, we are happy to share with investors an innovative product of Kuveyt Turk, which was established with that vision" said Tivnikli. Stating that, as the bank, they had focused on gold banking for the last three years, Tivnikli added "In this area, we have aimed at reaching corporate investors as well as retail investors. And GoldPlus is a gold exchange traded fund we created in line with these goals. GoldPlus provides individual pension companies with the opportunity to invest in gold in an interest-free manner with both domestic and foreign funds." Explaining that they had offered gold exchange traded fund GoldPlus to the public with the aim of offering innovative investment products to its customers and investors, CEO of Kuveyt Turk Participation Bank Inc., Ufuk Uyan, said “With GoldPlus Gold Exchange Traded Fund, we aim at providing both our existing customers and the entire market with the opportunity to invest in gold on the stock exchange. We intend to offer interest-free new and different investment and treasury products to the market in the coming days and thus to fill the gap in this area.” Each share of Gold Exchange Traded Fund, which shall be traded under the code GOLDP in the Istanbul Stock Exchange and managed by Bizim Menkul Değerler following initial public offering, shall represent approximately 1 gram of gold. The fund’s portfolio shall be created and managed in accordance with to the principles of the participation banking. Because of the fact that Exchange Traded Fund is an internationally recognized and accepted product, overseas interest in Gold Exchange Traded Fund is also expected. It shall be possible to monitor the written-down value of the fund under the code GOLDP.