Murat Bakanay was born in 1968 in Istanbul. He graduated from Eskişehir Anadolu University, Faculty of Business Administration, Department of Business Administration. In 1996, he was entitled to hold an Independent Accountant and Financial Advisor License. After completing his military service, he started to work at Niba Soğutma Kuleleri A.Ş. which he is one of founding member. He still serves as the General Manager and Vice Chairman of the Board in the same company. He has been a member of the Board of Refrigeration and Air Conditioning Manufacturers Association of Turkey for a term. He is married with two children.