Turkey shuts down the Islamic bank linked to the cleric blamed for the failed military coup

Turkey's regulator just shut down the Bank Aysa - the Islamic lender linked to the cleric that allegedly instigated the failed military coup aimed at ousting Turkish President Recep Tayyip Erdogan.

The Turkish Deposit Insurance Fund (TMSF) said in a statement that it is temporarily suspending operations at Bank Aysa that has close links with Fethullah Gulen, according to the Financial Times.

Gulen was a one-time former ally of Erdogan who is now being accused of being one of the leaders of the failed military coup.

Erdogan publicly blamed US-based Gulen for orchestrating the attempted power grab. He was accused of trying to create a "parallel state" within the courts, police, armed forces and media.

Gulen, in turn, has said the coup attempt may have been staged, casting it as an excuse for Erdogan to forge ahead with his purge of the cleric's supporters from state institutions, Reuters reports.

Turkey is currently detaining and arresting thousands of soldiers and officials for the attempted coup. Three thousand soldiers were detained over the weekend and arrest warrants were issued for more than 2,700 judges and prosecutors.

Last week an attempted military coup by a faction within the Turkish armed forces calling itself the "Peace at Home Council" was stifled in less than 24 hours, after Erdogan called on his supporters to take to the streets and repel the uprising.

However, at least 256 people were killed in the clashes, according to Turkey's prime minister.

You can read about why Turkish soldiers staged a coup and ultimately failed here.