Your Participation Funds are Under Guarantee

Banking Law No.5411 provides SDIF guarantee for up to 50,000 TL part of any deposit with any banks. The same conditions are also effective for us, as participation banks, too, are included in the banking system.

At domestic branches,

• Participation funds opened in the name of natural persons,
• Participation funds not subject to commercial transactions, and
• Participation funds in TL, FX or precious metal

are covered by the insurance up to 50,000 TL per natural person per participation bank.

Participation funds not covered by the insurance

Participation funds opened at oversea participation bank branches, participation funds held with any participation bank having off-shore banking operations in Turkey or overseas, and excessive profit shares given over the profit share average of three participation banks having highest participation fund totals are not covered by the insurance.

Banking Law No.5411 prohibits participation banks from accepting participation funds from resident persons on behalf of financial institutions based overseas.

Payments to be made by the insurance

Payments to be made under the insurance will be in Turkish Liras if the participation bank’s operating license is revoked. In identifying the amount payable under the insurance, unit account values of participation accounts are accounted for using balances of personal current accounts. Turkish Lira equivalents of participation fund accounts in FX and gold will be found using Central Bank’s FX buying rates applicable at the date the participation bank’s operating license is revoked or using İstanbul Gold Exchange’s session closing price (for accounts in gold).