Eyüp Akbal: If your capital is trust, you have to protect it

Dogan Selcuk ÖZTÜRK ● Mr. Eyüp, can we get to know you briefly? I was born in Konya Kulu. I am the middle of a family of seven children. I completed my primary and secondary education in Konya. Then I came to Istanbul for high school. I graduated from Vefa High School. At that time, it was popular to go to Europe to work, but the best thing for me was to “study”. I graduated from Gazi University Faculty of Pharmacy. After college, I did my military service and got married at that time.

WE WANTED OUR VOICES TO GO STRONG

● What did you do with the development of Fuzul? My brother Mahmut, Chairman of the Board of Directors of the Holding, first started working with İspa Turizm. This company continued for several years. In 1992, our first company, Fuzul, was established: Fuzul Foreign Trade. At that time, the Balkan countries were in the process of disintegration. Many companies from Turkey “Can we do business there?” he was searching. We had established Fuzul Foreign Trade for that purpose. We, like many others, left the market because the banking and payment systems were not well established in those countries in those years. Then we implemented the savings financing system called Fuzul. As it is known, this system is similar to the golden day model of our elders, it is based on solidarity and saving together. Actually, what we did was an organization. In the high inflationary environment of those days, people did not want to have cars with high interest rates from banks, so they preferred us. Those who preferred us were those who were particularly sensitive to interest rates. This non-bank financing method was ideal for them. In the meantime, we added the insurance system to the automobile financing. By 1996, our institutionalization was completed. Then in 1996 we started to use advertising channels. For the first time, we appeared in newspapers and media. Our awareness has increased a lot. If we had not decided on this, we would have stayed at the local. But we said, “Let our voices be stronger.” Will we become a Turkish brand or will we remain a small brand in Istanbul Fatih? We answered “We will open” to this question. At that time, we were working with the dealership system throughout Turkey. Until the 2000s, we did very well. In 1995, we established Akva Sigorta AŞ in order to meet their insurance needs in line with the demand from the owners of the vehicles we have sold before. With the 1999 earthquake, we came to a crossroads. At that time, our customers were asked, “You make people own cars, why don’t you make them landlords?” We decided to enter the construction sector by evaluating the demands. There was a serious loss of confidence in the sector, it was a sector we did not know, and we said “we are here” with Fuzul Yapı, one of the Fuzul Holding companies. It was a moment of decision. Actually, our customers guided us here. We took the first step in the sector in 2000 with the Fuzul Kent Bizim Evler project of 1,500 residences in Başakşehir. From the point we started that day, we have come to the production of branded housing today. Now, if we are lucky, we will start the project on Beşiktaş Barbaros Boulevard next month. ● We know that you imported medical supplies for a while, so why did you give up? While importing, I thought that I should produce in Turkey and sell it to the world. I prepared the infrastructure for this. Then we decided as a family to close this business. I registered my brand, got my documents and was about to start production. This was a great loss for me. Of course, people get demoralized, but in the end, if it’s a family business and two-thirds of them say “don’t”, it’s okay. I’ve worked hard. It should be taken into account: We used to buy in dollars and sell in TL. I was constantly in a win-lose situation. The risk was great. I put it in my head and left it. Maybe it could have been better, maybe I wouldn’t have seen these days.

WE SHOULD DO THE ORGANIZATION OURSELVES

● You started with the dealership system in Fuzul, then you moved to the branch system. Why did this transformation happen? In the dealership system, your control mechanism is weakening a little. You cannot prevent the favor of the dealer to his wife and friend, you cannot control the dealer far from here. They did not share their income with us instantly. Also, volunteerism was essential at that time. Their main work was not our job, they were doing it as an extra job. Their focus was low. We were on the ad, customers were starting to arrive. Our friend put the Fuzul flag on a table of the clothing store in Tokat, and when a customer came, he would say, “We are doing this job too.” If all your capital is trust, you have to protect it. That’s why we said, “Let’s move on to a method that will be dominated by ourselves in the new period.” Since we aimed to grow, we had to do the organization ourselves. We opened our first branch, starting in Ankara, and started branching out the best dealers. In the meantime, we made the following offers to the dealers. “If your place is beautiful, let us pay you the value of the place. You can work there, if you have a son, let your son work.” We also did not want to lose those who have loyalty and heart ties. ● You both travel a lot for different reasons and you have many customers from abroad. Can you tell us about your memories of cultural differences? There are hundreds, but let me tell you two. I went to America for a fair organization. It took about one day by road between the factory where I traded and the fairground. The owners of the company said that they wanted to host me and that we could go together. I confirmed too. We took a break, ate something. I said, “I’ll pay,” as in our culture. They didn’t make a sound either, and I paid. So they hosted me. (Laughs) Our guests from France came, we hosted them for three days. They had problems such as getting their goods stuck at the customs, I helped them in all of them. When they were leaving, they said that they wanted to host us, and one day my way was to France. While I was there, I realized that my phone and wallet had been stolen. I went to the people mentioned and explained the situation. They also wished me well and asked me if I would drink tea. I didn’t want it, they said “you know”. After this incident, I cut off all contact with those people. A similar situation happened to our guests, and I have been with them from the moment I heard the news, from the deposition processes at the Police Department to financial support… Therefore, it is very important to know that culture when doing business. ● You went through a process where you came out with a clear face on the savings finance side. Before licensing, many companies had taken the field. With them, this sector spread throughout Turkey. In the past, when there were two companies, access was limited. After the elimination process in the licensing process, we continued on our way with our 30 years of experience, our branch network, our infrastructure power and the trust of the savers. Thus, a larger market was created. I cannot forget the process in which the issue of whether or not companies obtain qualifications during the licensing process was on the agenda. We all waited with great excitement and impatience on the day of the announcement. I was in the Kaaba on the day the license was granted and it was the Night of Power. I said, “We live two holidays together.”

My feet got tangled

● How does it feel to be the “boss” at a young age? One day I was somewhere abroad. A person I met asked: “Where did you come from?” “I came from Istanbul,” I said. He asked what I was doing. “I work in Fuzul,” I said. “You know, we pray a lot for your company,” he said. He does not know me. “Why?” I said. “You are making people homeowners in the most convenient way, interest-free,” he said. “Do you know the owners?” said. I said “Konyali”. “Say hello a lot if you see me,” he said. I couldn’t say that I am one of the owners because I am young. Because if I did, he might see it as a nuisance. At that time, when the boss or the owner of the company was mentioned, men with bald heads were in front of everyone’s eyes, with the image of old Turkish movies. It was the first years of my business life. We opened a PVC factory in Konya in partnership. I had the highest stock. So I have a say there. They said we are going to visit the factory. At that time, 46 people were working in the factory. I was very young. The boss is coming, they told the employees. Of course, I was embarrassed, my feet got tangled that day.

“Do you know how I bought the flat from you?”

I was in Saudi Arabia. One of our customers invited us for dinner. He said, “Eyüp Bey, do you know how I bought the flat from you?” He started to tell. “I decided to buy an apartment in Istanbul. I came to Sirkeci and settled in a hotel. I opened the internet and started researching. I came across 5-10 companies. I looked in order. Meanwhile, Fuzul caught my attention and I studied it. Then I went out. The tram passed in front of me. There was a Fuzul ad on the tram. I said it’s a sign. I walked to the Blue Mosque. I prayed and saluted. We also greeted the person next to me. I asked what he did. “I do construction work.” He asked me what I was doing. “I am also the CEO of Aramco.” I said. “Where are you building?” “In Basaksehir.” “Which company?” “Fuzul.” The person I spoke to was Mahmut Akbal. I said no need to prolong it anymore and bought a house from you.” He says this everywhere.