Mukafat Asset Management has obtained the authorization from the Capital Markets Board for the first short-term lease certificate fund that will yield daily profit shares upon investment in the lease certificates.

This fund, the first Islamic Finance product that can be used as an interest-free overnight (O/N) investment instrument on the Turkish Capital Markets, will enable the savings, kept on the accounts without being subject to any interest due to interest sensitivity, are valued.

Kagan Candan, General Manager of Mukafat Asset Management, said that this new product is the most liquid Islamic Finance product with the shortest maturity among the existing ones in Turkey, with its convenience of "being liquidated on the same day", and that this product is an important step in development of the liquidity which is lacking in the field of interest-free finance.

This fund, to be traded under the name of "Mukafat Asset Short-Term Lease Certificate Fund (MPF)", can be traded on Turkish Electronic Fund Distribution Platform (TEFAS) through the branches of all banks and brokerage houses in Turkey as of May 29, 2017.