Star - Banking institutions in Arab countries impressed by Turkey’s solid financial system and highly profitable banking industry consider opening branches in the country, according to Albaraka Turk CEO Adnan Ahmed Yusuf Abdukmalik. “A number of Arab banks are in line to take part in Turkey’s booming banking sector,” said Abdulmalik at the opening of its new head office in Istanbul. Citing the growth of the Turkish banking sector, Albaraka Turk chief said he believes that cooperation between the Turkish and Arab banking industries would bring about even greater development. Arab banking industry is estimated to be around USD 3.2 trillion in size and 2010 profits amount to USD 36 billion.
A member of the Saudi-based Albaraka Financial Services Group, Albaraka Turk has been in operation in Turkey as a participation bank for 30 years and has 120 branches throughout the country.