Turkey suspends Islamic lender Bank Asya's activities

ANKARA

Turkey suspended the activities of Islamic lender Bank Asya temporarily, the Savings Deposit Insurance Fund said on July 18, after the tender for the bank’s sale did not attract any bids, Reuters reported.

The government seized the assets of the Islamic lender last May, saying its financial structure and management presented a threat to the financial system.

The bank, which was owned by interests said to be close to U.S.-based Islamic scholar Fethullah Gülen, was taken over by the state amid a government attempt to liquidate the movement. Turkish President Recep Tayyip Erdoğan and the government accuse Gülen of being behind the deadly failed coup attempt that started on July 15.

Bank Asya is one of more than 20 Gülen-related companies, including some media outlets, that have been seized as part of operations against the followers of Gülen.