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Frequently Asked Questions




-   By whom and How the Liquidation is Carried Out?

Our company has entered in to liquidation process according to 10.02.2001 dated and 171 no resolution of Banking Regulation and Supervision Agency.

We were operating as private financial house with the resolution of cabinet. Since the private financial houses have structure of partnership in form of Incorporated Companies, the liquidation transactions have been commenced in accordance with the liquidation and relevant provisions of Turkish Commercial Code when its operating license has been revoked on the date 10.02.2001.,

The liquidation transactions are being carried out by the liquidators appointed by General Assembly and the power to manage and represent belongs to Liquidators. Further Ministry of Commerce and Industry audits the liquidation process of the Company.   

Payments are affected to depositors from return of the loans used when the company was carrying out banking activities. The liquidation of our company will continue until the receivables and debts are completed.

-   I had 20.000 DEM in my account. What is the current EURO value of my money?

The German Mark accounts (DEM) have been converted to EURO on the Official Parity (1.95583) on 31.12.2001 due to the law (1000 DEM = 511.29 EURO). Consequently, the 20.000 DEM (20.000 DEM/1.95583) in your account corresponds to 10.225 Euro as of today.

-   Do we have to register our receivable with the Liquidation Board?

You do not have to register your receivables anywhere. All accounts, names-surnames, amount of accounts and addresses are already present in our records. 

-   How do we know it is our turn to receive payment?

You will receive letters 2 or 3 months before the date of payment. This letter will contain all the details about the payment procedures.

-   Through which bank will we receive payments?

The payments are made through the Şekerbank Branches. 

-   Can we apply to any Şekerbank branch to receive the payment?

No matter in which part of Turkey you reside, you may get the money deposited in your name from the nearest Şekerbank branch.

-   When we subtract the number of closed accounts from depositor number in previous announcement, the number of depositors in the new announcement is more, why?


Since new accounts are being opened due to reasons specified above, such increase shall be seen in announcements.

-     New accounts are opened for each of inheritors by dividing the accounts of the depositors who died among the inheritors stated in certificate of inheritance.


-     A new account is opened for each partner for the joint account holders payment date of which are close and payments are send to Şekerbank in the name of each partner separately..


 -   Also in case of transfer of the account to 2nd persons by way of assignment, new accounts are opened for the assignees. Increases occur in the number of accounts as a result of these transactions. For example 157 new accounts were opened in month July due to reasons specified above.


Opening of new accounts cause increase in the number of the auditors. But the debt amount of the Company does not change.

-   I had commenced an executive proceeding for my receivables. I have not received any conclusive response so far. What should I do?

The profit-and-loss sharing accounts have been defined in paragraph (d) of article 2 of the Decree No. 83/7506 of 16.12.1983 published in the official gazette no. 18256 of 19/12/1983, as follows; "Sharing Account: The funds deposited with the corporation by real and legal persons in relation to the Profit-and-Loss Sharing Account Agreement, which will entail participation in the profits and losses resulting from use of such funds". According to article 1 of the Sharing Account agreement made between our company and the account holders; "The account holder shall participate in the profit and loss resulting from operation of the funds having the same maturity date", and according to article 4 of the same agreement; "The Corporation does not confer any benefits on this account by any means whatsoever other than the profit and loss shares".

The operating license of our company has been revoked on 10/02/2001 by the Banking Regulation and Supervision Agency and it has been resolved that our company be liquidated in accordance with the General Provisions on Liquidation of Joint Stock Companies set forth by the Turkish Commercial Code.

Due to the decree of the Banking Regulation and Supervision Agency, liquidation of our company has been started, and the payment order has been established by determining the priority receivables according to Law No. 6183 on the Procedure of Collection of Public Claims, Tax Procedure Law No. 213, Social Insurance Law No. 506, Labor Law No. 4857, Law and Regulations on Establishment of Special Finance Houses, Banking Law and the Legislation on Special Finance Houses, and the payments have been started to be paid as from 03/08/2001.

Due to the definition and legal nature of the profit-loss sharing accounts, the receivables resulting from these accounts are not absolute receivables and do not grant any warranty of interest or fixed income to the holder of the account. The account holder has the liability to participate in the profit or loss resulting from operation of the funds collected in the sharing accounts during the operating period.

Indeed, as a result of the actions filed against our company during the liquidation process; the Courts have resolved that "it is not possible to apply dividends or default interest for the profit-loss sharing accounts during the liquidation process due to the fact that the company is in liquidation process and has not granted any warranty for full-reimbursement of the profit-loss sharing accounts even on the basis of the principal capital or any warranty for full repayment of the principal capital, as required by the agreement made".

As a result of the appeals filed to the courts by the account holders for the decisions taken, such decisions taken by the Local Courts have been APPROVED by the 11th, 12th and 19th Judicial Offices of Supreme Court and it has been resolved that it is not possible to bring executive proceedings against İhlas Finans in Liquidation and that no claims can be placed for the profit-loss sharing accounts until the end of the liquidation process.

Consequently; due to the fact that your account in our Books and Records is a profit-loss sharing account and that the operating license of our company was revoked on 10/02/2001 for liquidation of the company, and due to the legal status of the profit-loss sharing accounts and the decisions taken by the Judicial Offices of Supreme Court, it will not be possible to commence executive proceedings against the company for the receivables resulting from the profit-loss sharing accounts and for other receivables.

Therefore, both those account holders who have commenced proceedings and those who have not should wait for their turn to receive the payments to be made by the Liquidation Board.

-   I am a share certificate holder, in other words an investor of your company. What do I do?

The method and time of the payment of the rights and receivables of the partners of a company in liquidation is set forth in article 447 of the Turkish Commercial Code No. 6762 under the title "Distribution as a result of Liquidation" as follows; "The remaining assets of a company in liquidation after settlement of its debts are distributed to the shareholders in proportion to their privilege rights depending on the capitals and shares, unless otherwise stated in the articles of association."

Your rights and receivables resulting from the share certificates belonging to our company being liquidated in accordance with the Turkish Commercial Code and other legislations will be paid depending on the remaining assets after settlement of all the privileged debts. Since the privileged receivables are not paid off yet, it is not legally possible to make payment to the Company Partners.

-   The liquidation period was said to be completed in 5 years. Why is it not completed yet?

The liquidation period was determined to last for 5 years in the General Assembly meeting held on 03/08/2001. However, a big crisis was experienced due to the devaluation that occurred after this date, 22 banks having been seized, the fast increases in USD and EURO and the September 11 events. This crisis caused interruption in the payments received from the indebted companies. A healthy liquidation of our company depends directly on the collection of our company's receivables from the market. These negative developments in our country had impact on all markets and companies have had difficulty to pay back their debts to the banks. The payment dates of the debts of the companies were rearranged taking into account the Financial Restructuring Program established for restructuring of corporate debt owed to the banks and the precedent practices of the Savings Deposit Insurance Fund.


-   How are payments effected during the liquidation period?

Liquidation payments have been explained in detail in the PAYMENTS section of our internet site. Payments for profit-loss accounts are made based on the method of settling accounts with a single payment in the order from smaller to larger amounts.

-   My mother was the account holder and she passed away. What should I do?

After death of the account holder, the rights and receivables are transferred to the heirs of the deceased. The procedures to be applied in such case include the following:

-  The certified copy of the Inheritance Certificate to be received from the court,

-  Copies of the birth certificates of all the heirs (containing the T.R. identity number),

-   Documents indicating the addresses of the heirs, and

A letter evidencing inheritance tax liberation must be submitted to the company. Then the rights and receivables resulting from the account of the deceased person are distributed among the heirs specified in the inheritance certificate and transferred to the accounts to be opened with our company in the name of such heirs.  

-   We have a Joint Account. What should we do?

The Joint Accounts are divided into two groups as single-signature accounts and multiple-signature accounts. The Single-Signature Joint Accounts are the joint accounts on which each partner holds individual ad independent disposition power. The Multiple-Signature Joint Accounts are the joint accounts on which the partners do not have individual disposition power but may exercise a joint disposition power instead.

As mentioned above, in the event that the rights and receivables resulting from the joint accounts held in our company become due and payable, it is essential that the partners act jointly in order to avoid damages to the rights and receivables regardless of the nature of the joint account, taking into account the possible death of a partner, or seizure by a court, bankruptcy, or divorce.

In order to avoid problems at the time of payment, one of the joint account holders may waive his/her rights of the partnership in favor of the other joint account holder and request rearrangement of the account as an individual account.  

In this case, the joint account may be changed into an individual account, provided that the form prepared by our company for waiver of the rights of partnership in favor of the other account holder is signed jointly by the partners and submitted to our company along with a written request.  

-   Which law provisions apply for liquidation of İhlas Finans?

The operating license of İhlas Finans, which started its operations on 29/04/1995 upon the decree no. 94/6193 of 19/11/1994 of the Council of Ministers, was revoked by the Decree No. 171 of 10.02.2001 of the Banking Regulation and Supervision Agency and it has been resolved that the Company be dissolved due to paragraph 2 of article 434 of the Turkish Commercial Code and liquidated in accordance with the general provisions. The company is being liquidated in accordance with the provisions of the Turkish Commercial Code on the Joint Stock Companies.

-   I had a credit card from İhlas Finans. How can I know if I have a credit card debt?

If you send a written application to our company either directly or by fax containing your credit card number (copy of birth certificate if you do not have the card number) and your identity information, you will be informed whether you have any credit card debt as of today. If you do not have any credit card debt, you will be granted a document evidencing that you have no debts. If you have a credit card debt, a payment plan will be arranged for your debt.

-   I want to transfer my account in your company to someone else because I am presently abroad and cannot track the transactions. What should I do?

You have two options to transfer your account to someone else:

-  You can transfer your account to someone else through a notary public (this transfer document should be submitted to our company).

-  You can also make personal application to our company together with the person to whom you wish to transfer your account. Once you complete the identity information control and sign the signature circular and other necessary documents in the presence of the authorized people of the company, the transfer procedures related to your account will be executed.

-  My account is seized by third persons. How and when will my receivables from this account be paid?

If it has been requested that your rights and receivables from your account in our company be seized by third persons; then your account is blocked/seized in accordance with the instructions received from the Directorate of Execution or Courts. In this case, the payment will be made with respect to the relevant execution file.

-   My spouse and I had a joint account in your company. My spouse passed away. Who will receive the payments?

The Joint Account opened in your name and your spouse's name will no longer be a joint account due to death of your spouse. Upon submission of the Death and Inheritance documents of your spouse to our company, your joint account will first be divided into two between you and your deceased spouse. The amount remaining in your spouse's account will be distributed to the heirs specified in the Inheritance certificate issued by the Court in proportion with the inheritance shares to be determined by the court.

-   Our father has a profit-loss sharing account in your company. However, his mental health is substantially impaired. How will you pay his receivable from his account in your company?

Any and all real persons who have reached the age of discretion should have the capacity to act in all the transactions with the Official Authorities, Institutions, Corporate Bodies and third persons and the ability to distinguish the savings and transactions he/she has made. Turkish Civil Code says that; "Anyone who is not deprived of the ability to act reasonably due to being under age or mental illness, mental infirmity, habitual drunkenness or similar reasons has the capacity to distinguish facts" and therefore mental and psychological infirmities limit the power of disposition.

In this case, in order to be able to have power of disposition over your father's account, who is not mentally and psychologically in good condition, you will have to resort to the court to appoint a guardian to make transactions on behalf of your father. In case the court decides to appoint a guardian to act on behalf of your father, the amount in your father's account to be paid on the payment date will be paid to the account of the guardian appointed by the court or to the guardianship account.

-   My spouse and I have a joint account in your company. I filed for divorce. How will you distribute our joint account?

You can share your joint account on mutual agreement with your spouse. Once you submit the agreement text signed with your spouse to our company, your account will be distributed among you and your spouse. If you have not reached an agreement with your spouse for distribution of the account, your account will be distributed among the partners after you submit a copy of the document related to finalization of the divorce procedures.

-   May You Give Information about Last Situation of Payments?


The payments to current account holders in third rank of the liquidation payment plan has been completed in June 2007. The payments to Profit and Loss sharing account holders located in the 4th rank of the payment schedule are in progress. In accordance with the decision taken in Liquidation General Assembly, the payments to profit and loss participation accounts are made with the method of payment at advance by taking in to account the total amount available in main account. All of the accounts having balance up to 2.069-USD and 1.507 EURO .has been paid with the payments made to Profit and Loss Participation Accounts made until now.  


-   I couldn't receive my money although there was less money in my account than the closed account. May you inform?


There may be a few reasons of not receiving payment when the balance in account book is less than the payment amount.


-       Payments to Loss and Profit sharing accounts before 2007 were being transferred to Şekerbank in the name of account holder and accounts holder was being informed by way of letter. It has been seen that the accounts of depositors who haven't received the informing letter due to address failure although the payment of the account transferred to Şekerbank are pending in the Şekerbank. The depositors in such situation have to apply any branch of şekerbank after taking the confirmation from our company that accounts are transferred to Şekerbank..


-       After year 007 our depositors were requested to have accounts opened at Şekerbank for the payments to be made and their accounts at our Company were started to be sent to their accounts at şekerbank. In accordance with the MASLAK requirements the identity and address information consisting f 18 compulsory spaces shall be available. Contact may not be established with the depositor since some of the account holders do not notify changed address information to our Company     and payments of them shall not be made.  Our depositors shall notify their T.R Identity Numbers, up to date address and phone numbers and telephone information to us.


-       There occurs some faults in account numbers of our come depositors notified for payment or payment shall not be affected to these account holders due to missing documents.


-       The payments of some inheritors of died depositors are pending since they deliver the certificate of inheritance and other documents lately to other company.


-       There is more than one account under the same main account according to currency or term. The accounts opened in the name of same persons have been gathered under T.R Identity Number. The payment of our depositor will be able to affected when the payment amount reaches to total amount of additional accounts associated to main account.