Albaraka Turk is an international bank whose mission is to bring added value to its clients, shareholders, employees, and to Turkey itself. To this end, as of May 2011, Albaraka Turk has been operating 47 branches in Istanbul and 66 branches in other leading provinces with sizeable commercial and industrial capacity, totaling 113 branches in the country.
Albaraka Turk, a pioneer and leader of an alternative financial system in Turkey since its inception, was established in 1984, and commenced operations in 1985, thus introducing a breath of fresh air into Turkey’s financial sector.
Albaraka Turk was launched by the Albaraka Banking Group (one of the most prominent groups in the Middle East), the Islamic Development Bank (IDB) and a local industrial group that has been active in the Turkish economy for more than a half a century. The present shareholding structure, as of 31.05.2011, includes foreign and local shareholders who hold 66.16 percent and 11.33 percent of the shares respectively. The proportion of publicly traded shares stands at 22.51 percent. The shareholding structure of Albaraka Turk itself guarantees its confidence and high standing.
Dallah Albaraka Group, which has investments in similar banks, insurance companies, leasing companies, and other enterprises, has established a wide network of branches throughout many Islamic countries. This gives Albaraka Turk the important ability and a sound platform on which to conduct business on a global scale.
The new system of interest-free financial services pioneered by Albaraka has indeed provided an alternative facility to savers who had never deposited money at conventional banks dealing with “interest”. Under this new system, the savings of the depositors are treated as investments, based on a “profit and loss sharing” philosophy.
Albaraka Turk serves its clients globally with the help of a wide network of over 800 correspondent banks, operating in at least 60 countries around the world, from Singapore to the United Kingdom, South Africa to China, and Australia to Kazakhstan. This network has enhanced the speed, quality, and security of the foreign-trade business of both Albaraka Turk and its clients.