SPK Revamps Investment Fund Guide: Open‑Ended Funds and Murabaha Transactions Enter New Era

The Turkish Capital Markets Board (SPK) is redrawing the investment fund playbook, lifting caps on open‑ended funds and unlocking murabaha transactions for Sharia‑compliant investors.

Raised Ceilings for Open‑Ended Funds

■Portfolio size limit increased by 15%.

■Liquidity cap lifted to 20%.

■Maximum allocation per investor set at ₺10 million.

Murabaha Transaction Gateway

■Sharia‑compliant funds can now generate returns via murabaha structures.

■Transaction ceiling capped at ₺5 billion.

■Oversight regime tightened under SPK supervision.

New Rules Shaping the Money‑Market Landscape

■Short‑term fund maturities extended from 30 to 45 days.

■Daily liquidity reporting made mandatory.

■Interest benchmarks to be refreshed using TLREF.

Smart‑money flows are pivoting toward the expanded limits of open‑ended funds and the addition of murabaha products. Dark‑pool volumes are already reallocating to exploit the new liquidity thresholds. Moreover, the TLREF benchmark revision is set to ignite short‑term arbitrage opportunities, opening a fresh volatility window for HFT strategies.