Saudi Albaraka Banking Group's local Islamic lender Albaraka Turk informed in a filing with the Bourse Istanbul that the new Islamic pension company Katilim Emeklilik ve Hayat, a 50-50 JV between Albaraka Turk and Kuwait Finance House's Islamic lending unit Kuveyt Turk, has been registered by Istanbul Chamber of Commerce . Earlier this month, Albaraka Turk informed that it received the required approval from the Turkish Treasury to establish an equally-owned Islamic pension company together with Kuveyt Turk. In October, Albaraka Turk informed that it received an approval from the local banking watchdog BDDK to found the pension company in question. In March, Albaraka Turk mandated its headquarters in order to establish an Islamic pension company together with Kuveyt Turk. Islamic lender Bank Asya currently operates an Islamic pension company in Turkey and the JV between Albaraka Turk and Kuveyt Turk will be the second player in this segment. 17 pension companies are currently active in the domestic pension industry. In June, chairman of Union of Arab Banks and CEO of Bahrain -based Albaraka, Adnan Ahmed Yousif , said that Albaraka Banking Group planned USD 100mn investment in Turkey over the next two to three years, and it also considered establishing an Islamic insurance company in Turkey .
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