Bank Asya sells stake to Islamic Corporation for Development

ISTANBUL

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Turkey’s Bank Asya has signed an agreement to sell its 40 percent stake in Tamweel Africa Holding to the Islamic Corporation for the Development of the Private Sector (ICD) for 31.8 million euro ($37.7 million), Bank Asya said on late Jan 8.

Bank Asya suffered a run on deposits last year, as it became entangled in a power struggle between President Recep Tayyip Erdoğan and his former ally Fethullah Gülen, a US-based Islamic scholar whose sympathizers founded the bank.

The ICD is a multilateral organization affiliated with the Islamic Development Bank (IDB) Group, according to the organization’s website. Its authorized capital stands at $2 billion, of which $1 billion is available for subscription. The current subscribed and paid-in capital is $875 million and $568 million respectively. Its shareholders consist of the IDB, 51 member countries and five public financial institutions, according to the website data.