Auto Enrollment System (OKS) was launched in 1 January 2017 as a part of the Private Pension System (BES). According to the statistics announced by the Pension Monitoring Center as of 31 May 2017, 61.84 percent of OKS participants prefer interest-free funds; and 273 million TL of total OKS funds amounting to 442 million TL were accumulated in these funds.

Özgür Obalı, General Manager of Vakıf Emeklilik, reminded that Private Pension System also had funds specially founded for interest-sensitive individuals. He said that growth of those funds was accelerated following the initiation of OKS, which he regarded as a positive development for participation insurance. Obalı added as follows: “Participation Insurance applications in our country has made significant progress in recent years. 8 insurance companies offer participation products, including Vakıf Emeklilik.

Moreover, many local and foreign investors closely follow the development of participation insurance in Turkey. As Private Pension System grows and gains more depth day after day, size of participation funds has reached 4 billion 594 million TL. Participation funds account for 6.67 percent of total pension fund volume which has reached 68 billion 899 million TL in total. Demand for interest-free funds in Auto Enrollment System is promising for the future of both interest-free funds and interest-free financial system.”

General Manager Özgür Obalı stated that Vakıf Emeklilik was the number one company in private pension system with its interest-free fund performance, and said: “Our company manages 6 interest-free funds. As of 31 May 2017, volume of our participation funds reached 836 million TL, with a share of 20.16 percent in all participation funds of Private Pension System. We are number one among 13 companies in terms of the volume of participation funds.”