May 13 (SeeNews) - Turkish-based Islamic lender Albaraka Turk Katilim Bankasi AS (BIST:ALBRK) said on Monday it will incorporate an parity basis a pension company with its local peer Kuveyt Turk.
The pension firm will have an initial capital of 20 million Turkish lira ($11.1 million/8.5 million euro) and will conduct business on the individual pension segment, Albaraka Turk said in a filing to Borsa Istanbul.
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Albaraka Turk is the Turkish arm of Bahrain's Albaraka Banking Group.
Kuveyt Turk is a subsidiary of Kuwaiti Islamic financial services provider Kuwait Finance House.
(1 euro = 2.3523 Turkish lira)