Vakıf Katılım Increased Its Capital to TRY 5.72 Billion

Regional Economy 12.03.2021, 00:20 12.03.2021, 22:22
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Vakıf Katılım Increased Its Capital to TRY 5.72 Billion

Vakıf Katılım's Board of Directors approved the increase of the Bank's paid-in capital amount of TRY 3.22 billion to TRY 5.72 billion with its decision dated February 17, 2021.

According to the Bank's statement, it was decided that the increased TRY 2.5 billion would be covered by the partners in proportion to their shares.

It was stated in the Public Disclosure Platform announcement of Vakıf Katılım that, "The decision of our Board of Directors dated February 17, 2021, regarding the increase of the capital of our Bank, which was TRY 3,220,000,000, by TRY 2,500,000,000, thus designating the issued share capital of our Bank as TRY 5,720,000,000 within the registered equity ceiling of TRY 16,100,000,000 has been registered by the Istanbul Trade Registry Directorate."

"Vakıf Katılım is taking firm steps towards its vision to become a 'reference institution'"

In his statements on this new development in the bank, Board Chairman Öztürk Oran said that since day one, they have been trying to make use of all their financial resources with the responsibility of furthering Turkey's economic and social development. "2020 was a challenging year due to the pandemic. But Vakıf Katılım never hesitated to reach its goals despite the challenges. We have left a difficult year behind us. During that period, we had quite an achievement by maintaining our activities that will contribute to the development of both our sector and our country. By the end of 2020, our asset size increased by 75.2% compared to the previous year. According to the data of the Participation Banks Association of Turkey (TKBB), considering the bank lease certificate issuances between 2017-2020, we can say that Vakıf Katılım is taking firm steps towards its vision to become a "reference institution" as the "leading participation finance institution" with a total of TRY 25 billion volume through 110 issuances in the last 3.5 years," he said.

"We will continue our value-creating activities non-stop"

Oran also pointed out that they were awarded by the Turkish Capital Markets Association in 2020 for being the highest TRY sukuk-issuing institution domestically in 2019 among all participation and conventional finance institutions.

Stating that they were the financial institution with the highest transaction volume with approximately 6 tons of bar gold exports in 2020 according to the Jewellery Exporters' Association's report, Oran added: "As Vakıf Katılım, we were the leaders again this year with the highest volume of gold and silver in Istanbul Stock Exchange Precious Metals and Stones Market. We received our strength from our faith in the future of our country. We will continue our value-creating activities non-stop in the upcoming period."

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