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Diyanet Foundation

Diyanet Foundation: No Loss from Fund Investment, Management Change Unrelated to Fund Claims

The Türkiye Diyanet Foundation said it suffered no loss from its fund investment and that the timing of its deputy general managers' departures alongside the fund claims was a coincidence.

Bora Haber

· 2 min read

Left: bearded man with glasses in blue Diyanet Foundation vest; center: mustached man in blue suit; right: man in black vest.
Diyanet Foundation's management change is in the news amid claims about a fund investment. Photo: Bora Haber

After claims that Gaza donations were placed in a fund, Recep Şükrü Balkan and Fatih Kayacan, deputies to Diyanet Foundation General Manager İzani Turan, left their posts. The Türkiye Diyanet Foundation (TDV) issued a written statement on the matter.

The fact that the mentioned change of duties coincided with the fund claims is merely a coincidence.

Türkiye Diyanet Foundation

No financial resources in the funds

According to the statement, the foundation holds no financial resources in the portfolio management companies named in the markets or in the funds slated for liquidation. It therefore said there is no question of its resources losing value or incurring losses through these funds.

The foundation said that under legislation it must make effective use of cash assets that cannot be used in the short term, and that it manages its financial resources in line with interest-free finance principles. Part of its cash assets was placed in the TLK fund, which operates under interest-free finance principles. This is the foundation's only fund investment.

Following liquidation decisions on some funds, the foundation began withdrawing its assets from the TLK fund in a controlled and gradual way. These assets will be placed in other interest-free instruments outside funds. The foundation said it suffered no loss from this investment.

Management change and legal action

The foundation said claims that the general manager and two deputy general managers were removed over the fund issue do not reflect the truth. It said the management change had long been on the agenda of the Board of Trustees, and that just as the foundation incurred no loss from fund investments, the change was not made on that basis.

TDV recalled that it was founded in 1975 and operates in religious, charitable and social service fields in 149 countries through its headquarters and 1003 branches. It announced that legal action has been launched against those who reported claims containing unjust accusations and slander, and those who spread them on social media.

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