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Advisory Committee

Within the scope of the Communiqué No. 30888 on Compliance with Interest-Free Banking Principles and Standards published by the Banking Regulation and Supervision Agency in the Official Gazette on 14 September 2019, it has been decided to establish Advisory Committees within banks' own bodies in order to ensure that the activities of participation banks comply with the principles and standards of interest-free banking.

Some of the duties of the Advisory Committee within the scope of this communiqué are as follows;

  • To take bank-exclusive decisions about the principles and standards of interest-free banking and their implementation,
  • To examine the internal regulations within the framework of compliance with the principles and standards of interest-free finance,
  • To evaluate and approve the standard contracts and annexes of the Bank's products and services in terms of interest-free banking principles and standards,
  • To provide information about the activities of the Advisory Committee during the period, to be included in the annual report of the bank, and to evaluate the compliance of the bank's activities with the principles and standards of interest-free banking,

The Advisory Committee takes decisions independently and away from the influence of senior management and all relevant parties. Vakıf Katılım Interest-Free Banking Advisory Committee Members have been determined as; Dr. Mürteza BEDİR (Chairman), Dr. Hayrettin KARAMAN ve Dr. Isak Emin AKTEPE, and committee activities continue as of 2021.

The Audit Committee meets with the advisory committee at least twice a year to discuss the reports prepared on interest-free banking compliance and audit activities and the actions taken regarding the findings included in the reports.

Disputes between the bank and its customer regarding matters that fall within the scope of interest-free banking principles and standards are placed on the agenda of the advisory committee upon the written request of the customer and resolved within 30 days following the date of the written request. The customer has the right to take the decision of the advisory committee regarding the dispute to the Advisory Board for consideration within fifteen days following the decision date. The Advisory Board may decide to cancel, amend or apply the same decision of the advisory committee. The Advisory Board is authorized to evaluate the disputes of the same type together and to take joint decisions.