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Due to the high costs and restrictive structures of conventional financial methods, citizens have turned to alternative financial models in recent years. The savings finance model, which legal regulations has been worked on for a while, has now reached the final stage.Stating that they greatly welcome the regulations to be introduced, Çözüm Tasarruf General Manager Ebubekir Kaplan said that the capital requirements and strict controls to be brought to the companies involved in the system will pave the way for structurally strong institutions to provide better services to citizens.
*** This release is originally published in Turkish.
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ISTANBUL (TR) - First steps were taken to legalize the “savings finance sector”, which allows citizens to own property with zero interest and very low cost savings methods. Particularly, within the scope of combating the informal economy, the works carried out by the Presidency, the Ministry of Treasury and Finance and the Banking Regulation and Supervision Agency (BRSA) to introduce a series of regulations in order to audit the savings-based interest-free finance system has reached the final stage. It is expected that a minimum capital requirement of 100 million TL will be imposed on companies that will operate in the system that is intended to be purchased under state guarantee. In this process, the in-depth examinations made by the relevant institutions on the sector, the studies they carried out by taking the opinions of the sector representatives and examining the work flows were also welcomed by the sector representatives.
Ebubekir Kaplan, General Manager of Çözüm Tasarruf, who evaluated the issue, said: “In recent years, the number of companies in this field has increased considerably and this increase has brought some risks. The biggest problem was that there was no control mechanism in this area. On the other hand, perceptual problems arising from rapidly increasing companies and sales activities carried out at unsustainable rates also increased the risk. With the completion of the regulation process, it will be possible to prevent uncontrolled growth in the sector, to establish a mechanism where the rights of customers and institutions can be mutually defended, and to prevent unfair / inconsistent competition caused by companies without a strong infrastructure. Thus, this alternative and advantageous financial structure will be able to reach a much wider audience.”
Ebubekir Kaplan, who stated that both citizens who invest money in the system will be prevented from becoming victims and that a sustainable financial infrastructure will be created for companies, said: “Until today, the system has been operating in a structure close to the crowdfunding logic and in a savings-oriented manner. The money collected from the members was periodically transferred to other members, thus enabling them to make various investments. Although the system essentially operates in a completely benefit-oriented structure, the lack of any supervision and assurance stood out as the biggest handicap. Any inconvenience that might occur here would have caused hard to repair problems not only for the company concerned but for the entire industry. From this point of view, we can say that it has become a necessity to regulate the savings finance sector and to put the system on a legal basis. We expect the minimum capital requirement to be 100 million TL for companies currently in the sector with more than 50 companies, and a maturity limit for companies that want to operate in line with financial projections. In this scenario, companies will also be required to deposit a certain amount of provision to the treasury for the financing to be provided, so that the money collected from the citizens will be used completely for its purpose. We think that the internal processes, control structures and financial audit flows of the companies will be subject to controls within a certain discipline. We have already designed our institution in accordance with this structure, and I think we will pay off.”
Referring to the value that adding a fourth sector as 'savings finance companies' to the financial leasing, factoring and leasing sector as 'savings finance companies' will add to the country's economy, Ebubekir Kaplan said, “It is estimated that there are currently more than 50 companies and more than 250 thousand citizens benefiting from the system. With the legalization of the system under state control, the processes will continue more controlled for existing customers, and the most important threshold of assurance will be exceeded for everyone. Expense items encountered in project processes will be eliminated in favor of the citizens. In this way, it is possible to say more than enough that the money under the pillow will be in circulation. We also know that; The basic condition of a sustainable economy is financial control and discipline. If these conditions are met and the competition in the sector reaches reasonable levels, the companies in the sector will be able to keep their liquidity ratios at the optimum level.”
Stating that they have made great efforts in the legalization process of the savings finance system and that they have planned all their steps in accordance with the regulations regarding the financial world published by the official authorities, Ebubekir Kaplan said, “In this process, the importance of technological infrastructure, planned process management and auditable systems will once again emerge. Independent audits will bring many regulations in the financial statements of companies. As Çözüm Tasarruf, we have been supporting this transformation from the very beginning, and with the ISO 27001 Information Security and Confidentiality Certificate we have, we offer consumers solutions that are suitable for these developments. We adopt a new generation of savings-centered finance approach that includes not only individuals but also institutions. As a result of the regulations, we anticipate that the number of people who will participate in the national finance ecosystem will increase, and we continue to work with all our strength to contribute to the sustainability of our country's economy.”