Holding key, somehow define old Turkish title (7)

I believe the answer is:

effendi

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'turkish title' is the definition.
(I've seen this in another clue)

'holding key somehow define' is the wordplay.
'holding' is an insertion indicator.
'key' becomes 'f' (I've seen this in other clues).
'somehow' indicates anagramming the letters.
'define' with letters rearranged gives 'efendi'.
'f' placed into 'efendi' is 'EFFENDI'.

'old' acts as a link.
This may not be correct. It may belong to another bit of the clue.

Can you help me to learn more?

(Other definitions for effendi that I've seen before include "educated Arab?" , "Turish title of respect, find fee (anag.)" , "Former Turkish title" , "Respected Arab" , "Turkish title (FND!)" .)

I've seen this clue in The Times.

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