A new dimension has opened in the controversy that began with allegations that the Türkiye Diyanet Foundation (TDV) was investing Palestinian donations and zakat funds into investment funds and suffered a 48 percent loss during the ongoing crisis.
Despite the foundation's statement that "we have no financial resources in portfolio management companies," the official table dated October 21 shared by economist İnan Mutlu revealed that the TDV holds 73 percent of a participation fund with 380 million shares.
As the repercussions of the fund crisis that shook the capital markets continue, eyes have turned to how the Türkiye Diyanet Foundation (TDV) manages its financial resources.
FIRST ALLEGATION: "PALESTINIAN DONATIONS INVESTED IN FUNDS, 48 PERCENT LOSS INCURRED"
The controversy was ignited by a report from Yavuz Alatan of the Sözcü newspaper. The report alleged that the Türkiye Diyanet Foundation was investing donation and zakat money, primarily funds collected for Palestine, into investment funds.
According to the allegation, following the outbreak of the fund crisis, Diyanet Affairs President Safi Arpaguş gave instructions for an emergency exit from the funds; however, this panic selling resulted in the institution suffering a massive loss of 48 percent.
DENIAL FROM THE DIYANET FOUNDATION: "WE HAVE NO RESOURCES IN PORTFOLIO COMPANIES"
Following these allegations, which caused a major stir in public opinion, the Türkiye Diyanet Foundation issued a written statement denying the accusations. The statement, which did not directly address the fate of the Gaza donations, argued that cash assets not intended for short-term use were managed "in accordance with interest-free finance principles" as required by legal regulations.
The most striking part of the foundation's statement was as follows: "Our foundation manages its financial resources in accordance with interest-free finance principles. We do not have any financial resources in portfolio management companies or in the relevant funds for which a liquidation decision has been taken.
Foundation resources have not suffered a loss in value, and no stock market investments have been made.
"OFFICIAL TABLE REFUTES THE STATEMENT: 380 MILLION SHARES!"
However, the Diyanet Foundation's defense that "we have no resources in portfolio management companies" was debunked by the official fund distribution table dated October 21, 2026, shared by economist İnan Mutlu.
According to the official data shared by Mutlu with the note "The Diyanet Foundation's 'appetite for funds' never ends...", the Türkiye Diyanet Foundation Headquarters holds exactly 380 million participation shares in the Aktif Portföy Money Market Participation (TL) Fund (TLK).
Diyanet Vakfı’nın 'fon iştahı' hiç bitmiyor... https://t.co/KMI21CUv6F
— İnan Mutlu (@inanmutlu11) October 22, 2026
OTHER INVESTORS FLED, 73 PERCENT OF THE FUND REMAINED WITH DIYANET
The data in the table revealed another striking fact. While other investors in the relevant fund sold approximately 242.5 million shares and exited the fund in one day, the Diyanet Foundation maintained its 380 million shares.
As a result, the TDV's share ratio in the fund rose from 49.81 percent to 73.02 percent in a single day. Thus, it was documented that the foundation, which claimed "we have no resources in portfolio management companies," single-handedly owns nearly three-quarters of a fund belonging to a portfolio management company.
News Source: 12punto
