Kuveyt Türk will mediate gold-based lease certificate issuance, a campaign launched by Turkish Treasury and Ministry of Finance in an effort to integrate unregistered gold kept by Turkish households to economy and convert the savings of individual investors into earning.
The gold owners who bring their ingot, Republic and Mint gold as well as 22 and 24 karat gold jewels satisfying certain requirements, to Kuveyt Türk between January 21 and February 1 will enjoy a tax-free profit rate of 2,40 percent per annum.
Leading the gold banking sector with a number of products or services such as the gold days, a campaign launched for the first time in Turkey, gold participation accounts, gold vending ATM, Kuveyt Türk is now mediating the gold-based lease certificates. Offering the gold account service since 2011 as a secure way of saving, the bank positions itself as the “gold expert” with its large range of innovative products.
Commenting on the importance of gold-based lease certificates introduced by Turkish Treasury and Ministry of Finance for the country’s economy and investors, Ufuk Uyan, the General Manager of Kuveyt Türk said, “It is estimated that around 2 thousand 200 tons of gold are kept at homes in our country. Integrating such amount of gold valued at around 100 billion dollars to the economy will play a significant role for the country’s economy. In addition, our people can now secure their gold assets thanks to that new practice of gold-based lease certificate and also gain revenues out of their savings. We, as Kuveyt Türk, are pleased to mediate the gold-based lease certificate issuance with our knowledge and experience in gold and sukuk market.”
Applications to be accepted between January 21 – February 1
The sixth stage of the gold-based lease certificate will take place between January 21 and February 1, 2019. Those who bring their gold assets to Kuveyt Türk between such dates may enjoy tax-free profit rate of 2,40 percent per annum from their gold-based lease certificates.
Which gold types are accepted?
Gold types accepted in exchange for the gold-based lease certificates are determined by Turkish Treasury and Ministry of Finance. These gold types are listed as follows:
Unacceptable gold types:
- Ingot gold, Republic / Mint golds (quarter, half, complete, Ata lira, etc)
- 22K and 24K gold satisfying required conditions.
- Jewels such as 22K bracelet, necklace which must satisfy certain requirements Parts such as hooks attached to the jewel are, if consented by the investor, separated from the gold and remaining gold is weighed and assessed.
Gold jewels with precious or non-precious stones, Reşat gold and those gold failing to satisfy requirements due to wear and tear.
Detailed info about gold-based lease certificate is available at Kuveyt Türk branch offices and the call center (444 0 123). List of Kuveyt Türk branch offices mediating the gold campaign is available at www.kuveytturk.com.tr