Building-Savings Association (Yapi Tasarruf Sandiklari Dernegi) was established in Istanbul.

Building-Savings Association (Yapi Tasarruf Sandiklari Dernegi) was established in Istanbul.

The Building-Savings Association in Turkey was officially established in Istanbul, the financial center. According to the statement made, it aims to effectively follow the practices of building cooperatives, building-savings, and banks, which are implemented in European countries in the world, in our country, and to develop cooperation in foreign countries.

Serdar Kolo, the Founding Chairman of the Building-Savings Association (Yapi Tasarruf Sandiklari Dernegi) and one of the founders of similar practices in Turkey such as Finansevim and Vakifevim stating that they will undertake any kind of work to support the vision of Istanbul for becoming a Financial Center, said: ''Forget all methods that you know, we will now move the previous practices in Turkey to this system. With the support of all our institutions and organizations, we will direct all the ''Evim'' (''My House'') practices here on the legal ground.''

Kolo, who gave information about the Building-Savings (YTS in Turkish), said: ''It is a "closed pool" financing system that requires those who want to purchase a house to use a low participation rate loan, regardless of the market conditions, with low interest or interest-free options in our country, in return for their savings for a certain period. Although building-savings are like banks in terms of their basic functioning, they are financial institutions independent from banks, operating only for the housing sector. Compared to the market, since they have a closed pool system, the interest rates applied for the savings of the people who will purchase a house and the loans that they use in return for these savings are independent and lower than the interest rates in the market.''