Asya Emeklilik was the first pensions company in the Turkish market to use Islamic-finance methods. With the launch of a second company, Katılım Hayat ve Emeklilik, in November 2013, they now have a rival. But General Manager Türker Gürsoy sees this as a benefit rather than a threat, as it will enable the interest-free finance sector in Turkey to grow further.
Asya Emeklilik markets 7 different participatory funds to its pensions customers. Later in 2014 they are planning to add a fund that invests in rental income denominated in foreign currency to their offering.
Asya Emeklilik’s continued growth has come from their bank partner. They have certainly experienced great growth in the number of customers, for example they have the second highest number of participants in employer-sponsored schemes of any company in the market. This is as a result of a strong focus on corporate sales and supporting their bank partner’s corporate arm.
But the average contribution per participant is somewhat below market-average so they are lower in performance tables when measured on contribution amount or FUM.