Tivnikli was one of the key figures behind developing Turkey's participation banking infrastructure and was also the vice chairman of the board of directors of Kuveyt Turk Participation Bank.

Turkish businessman Abdullah Tivnikli passes away in the hospital after an extended period of receiving cancer treatment.
Turkish businessman Abdullah Tivnikli passes away in the hospital after an extended period of receiving cancer treatment. (AA)

Turkish businessman Abdullah Tivnikli passed away on Tuesday at the age of 59 after an extended period of receiving treatment for cancer, according to a statement by Eksim Investment Holding on Tuesday.

Turkey's President Recep Tayyip Erdogan extended his condolences to the Tivnikli family during his address to the governing the Justice and Development Party (AK Party) parliamentary group meeting in Ankara.

Born in Turkey's eastern province of Erzurum in 1959, Tivnikli graduated from the Mechanical Engineering Department of Istanbul Technical University in 1981.

Turkey's President Recep Tayyip Erdogan attended the funeral ceremony of the Turkish businessman Abdullah Tivnikli  in Istanbul ,Turkey on Nov. 06,2018.
Turkey's President Recep Tayyip Erdogan attended the funeral ceremony of the Turkish businessman Abdullah Tivnikli in Istanbul ,Turkey on Nov. 06,2018. (AA)

He played an essential part in preparing Turkey's legal infrastructure for the participation banking model with the country's switch to a liberal economy in 1983.

Following this, he was heavily involved in the founding of Albaraka Turk Participation Bank, making it the first bank in Turkey to be within the participation banking model.

The successful businessman also served as managing director and later chairman of the board of Eksim Investment Holding – a 6,000-employee group with investments in energy, food and mining sectors.

Tivnikli, who leaves behind four children, was also known as a philanthropist being among the founding members of the Istanbul Research and Education Foundation and the Foundation for Political, Economic and Social Research (SETA).

Source: TRTWorld and agencies