Gide Turkish affiliate Ozdirekcan Dundar Senocak has advised the Turkiye Wealth Fund on its acquisition of Bereket Katilim insurance companies and the subsequent restructuring of TWF subsidiaries' takaful insurance operations.
According to ODSA, consequently, two joint stock companies have been established for takaful insurance: Turkiye Katilim Sigorta and Turkiye Katilim Hayat.
"Both companies will be operating under the 'full takaful model' and engage in life and non-life insurance activities, providing services in areas and subjects that comply with the principles of participation and takaful insurance," ODSA informed. "Turkiye Katilim Sigorta and Turkiye Katilim Hayat aim to build a new-generation insurance approach and target becoming a leading player in the participation and takaful insurance market."
The Turkiye Wealth Fund is a sovereign wealth fund owned by the Government of Turkey.
The ODSA team was led by Partner Arpat Senocak and Associate Nil Duman.