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

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

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

Serdar Kolo, who gave information about the Building-Savings (YTS in Turkish) and the Founding Chairman of the association and Finansevim, said: ''YTS 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.'' Kolo said: ''Today, this system is implemented in many countries including Germany.''