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A Financial System of a Quarter of a Century:  Special Finance Houses

  * At the end of 1984, the Special Finance Houses (SFHs) have gone into the Turkish financial system in order to be able to provide a new pricing model and bring inactive funds into the economy. Establishment of the Special Finance Houses has been granted permission upon the Decree No. 83/7506 of December 16th 1983 on Establishment of Special Financial Houses.

*   The principles related to the decree have been set forth in accordance with the Notification of Central Bank of Turkish Republic published on the Official Gazette of March 21 1984, thus establishing the relevant legal grounds. These legal grounds state that the authority to accept funds under interest-free pricing model is solely granted to the Special Finance Houses and that other real and legal persons are not allowed to carry out such activity.

*   Today, several leading banks in America and Europe have adopted this model as a new instrument and established relevant units to perform activities in this field.

*   As an institution which will soon implement numerous innovations and become the leader of the sector, İhlas Finans has started to display activities as of 28.04.1995 based on the Decree on Establishment of Special Finance Houses.

*   Presently serving the sector with 35 branches throughout Turkey, our Corporation has expanded its services all around the country thanks to its wide-spread correspondent network and branches and offered a high-class service to its customers through its service points equipped with the state-of-the-art technology.

*   With its specialized, young and dynamic personnel, İhlas Finans has always offered its customers the privilege of the high-quality service.

*   Holding the highest market share among the Special Finance Houses, İhlas Finans has obtained an important position not only in its sector but also in the entire finance sector.

 *   Offering such products as collection of funds during the operating period, Providing Production Support, Disposition of Funds on the basis of Profit-Loss Sharing, leasing and individual banking services, İhlas Finans has made great contributions to the country?s economy.

Ihlas Finans has offered;

    - Credit cards and other individual banking services,

    - Money order, EFT and transfer transactions,

    - Foreign Trade and Foreign Exchange,

    - Check and note payments,

    - and any other banking services to its customers.

*   Having introduced a ‘first’ in the sector, our Corporation has offered 28.07% of its capital to public as the first Special Finance House being listed on İstanbul Stock Exchange.

*   Having started to carry on business as of 28.04.1995, our Corporation has paid 532 million USD as dividends to profit-loss sharing account holders and also paid a tax amount as high as 320 million USD during its operating period.

*   As many other companies, our corporation has also been influenced by the economic crisis that occurred in the last quarter of 2000 especially in the banking and finance sector, and has faced intense demands for withdrawal of deposits which subsequently led to liquidity problems.

*   Despite all the economic drawbacks and liquidity shortages of the period, our corporation has paid 270 million USD to its customers from the beginning of the crisis period until 10.02.2001, on which it went into liquidation.

*   As a result of all the disadvantages experienced at the time, the operating license of our corporation was revoked by the Decree No. 171 of 10.02.2001 of BDDK (Banking Regulation and Supervision Agency) as per paragraph 6 of Article 20 of Banking Law No. 4389.