Glossary
Mortgage Loan
A long-term loan from a bank or financial institution, secured by real estate. It is primarily used for purchasing a home or land, but can also be used for renovations, refinancing, or other financial needs. The loan is repaid in regular installments over a period of 10–30 years. Until the loan is fully repaid, the property remains pledged to the lender, who has the right to seize it in case of default.
Motor Third-Party Liability Insurance
A compulsory insurance that covers damages caused to third parties by the policyholder while operating a motor vehicle. Through the Guarantee Fund, which manages the security reserve, claims of injured parties under this compulsory insurance are guaranteed and paid. Each injured party is entitled to full compensation up to the minimum compulsory insurance amounts established for the respective policy.
M-token
A mobile application that serves as a means of verifying the cardholder's identity and confirming consent for making electronic payments.
Multi-Factor Authentication (MFA)
An access security method in which a user must verify their identity using two or more independent factors (for example, something they know, something they have, or something they are). This approach significantly enhances security when accessing systems, accounts, and services.
Multilateral Agreement on the Green Card System
An agreement regulating motor third-party liability insurance, which includes the member states of the European Union, the countries of the European Economic Area, and other third countries participating in the international Green Card system.
Multilateral Trading Facility (MTF)
An electronic platform that aggregates and matches orders from multiple participants for the buying and selling of financial instruments (such as shares, bonds, and derivatives), providing an efficient and transparent trading mechanism outside regulated exchanges. In accordance with the Markets in Financial Instruments Act, it is organized and operated by an investment intermediary or market operator and is subject to licensing by the Financial Supervision Commission.
Multi-Level Marketing (MLM)
A business model in which independent distributors sell products and recruit other participants, earning commissions both from their own sales and from the sales of their network. It is also referred to as network marketing or direct selling. MLM can be a legitimate business model, where companies primarily focus on selling products to real consumers, maintain reasonable startup costs, and provide transparent information about potential earnings. More questionable MLM practices emphasize recruiting new participants rather than actual sales and often require significant purchases to maintain an “active” status. In such schemes, the vast majority of participants earn very little, and some even incur losses after deducting expenses.
Municipal Bonds
Debt securities issued by local authorities, often in connection with financing large infrastructure projects.
Municipality - glossary for children
An organization that manages a town and nearby villages, and provides important services such as schools, streets, and parks.
Mutual (Contractual) Fund
A type of collective investment scheme in which multiple investors pool their funds into a shared investment portfolio managed by a licensed management company. The fund does not have separate legal personality and operates on the basis of a contract between the management company and the investors, who own shares representing proportional participation in the fund’s assets. The pooled funds are invested in various assets such as stocks, bonds, money market instruments, and others, with the goal of achieving returns while spreading risk. Also referred to as common contractual fund.
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