22.04.2022

Hayat Holding Establishes Participation Bank

Hayat Holding Establishes Participation Bank

The countdown has begun for the first branchless participation bank in the Turkish financial sector, which will serve only through digital channels. The application made by Hayat Holding to establish a participation bank with a start-up capital of 1.5 billion TL under the name Hayat Participation Bank was approved by the Banking Regulation and Supervision Agency (BDDK) on April 21, 2022. Hayat Katılım Bank is expected to complete its establishment procedures and start operating in the last quarter of 2022.

Hayat Holding made the first application within the scope of the "Regulation on Digital Banks" prepared by the BRSA and entered into force on January 1st, 2022. With this decision, the BRSA also authorized domestic and private capital to establish a participation bank authorized to collect funds from the public for the first time in 26 years.