Türkiye's leading participation finance institution, Kuveyt Türk, launched two new participation accounts so that its customers, who want to use their savings and savings as Turkish Lira deposits in interest-free finance, are not adversely affected by the upward exchange rate fluctuation.
Standing out with innovative products and services, Kuveyt Türk started to offer two new participation account products, developed as scope of interest-free finance principles, to retail customers, pursuant to the Communiqué on Supporting the Conversion of Turkish Lira Deposits and Participation Accounts published in the Official Gazette and the Implementation Principles of the TR Ministry of Treasury and Finance on Currency Protected TL Time Deposits and Participation Accounts.
In the Currency Protected TL Participation Account offered by Kuveyt Türk, customers who use their savings as Turkish Lira deposits or convert their foreign currency deposits into TL, can protect their savings and savings against exchange rate changes in accordance with interest-free finance principles, with 3, 6 and 12-month maturity options.
As of December 20, 2021, when the Communiqué was published, Kuveyt Türk customers who have deposits in US dollars, British pounds or euros can convert their savings and savings into Turkish Lira with 3, 6 and 12-month maturity options and use them in the 'Conversion Supported TL Participation Account' created with the principles of interest-free finance.
Commenting on the new 'Currency Protected' and 'Conversion Supported' TL participation accounts put into service, Kuveyt Türk’s General Manager Ufuk Uyan said, “With the exchange-protected TL deposit instrument, we see that in the short term, savers move away from foreign exchange and start to use their deposits in Turkish Lira. As Kuveyt Türk, we will stand by our customers who want to use their deposits in the field of interest-free finance, without being affected by exchange rate fluctuations, with the 'Currency Protected' and 'Conversion Supported' TL participation accounts that we offer.”
In this system where the withholding rate is zero percent, in addition to the profit share return at the end of the maturity, customers have the advantage of protecting their deposits against the difference between the exchange rate at the beginning of the maturity and the exchange rate at the end of the maturity. In these accounts, the foreign exchange buying rates announced by the CBRT every day at 11:00 will be taken as the basis for the beginning and end of maturity exchange rates.
For detailed information about 'Currency Protected' and 'Conversion Supported' TL participation accounts:https://www.kuveytturk.com.tr/bireysel/hesaplar/katilma-hesaplari/kur-korumali-tl-katilma-hesabi-ve-donusum-destekli-tl-katilma-hesabi