Albaraka Turk is an international bank whose mission is to bring added value to its clients, shareholders, employees, and to Turkey itself. Currently, Albaraka Turk operates with a total of 215 branches.
Established in 1984, Albaraka Turk commenced operations in 1985, and since its inception has become a pioneer and leader of the interest-free financial system in Turkey, introducing a breath of fresh air into the Turkish finance sector.
Albaraka Turk was launched by the Albaraka Banking Group (one of the most prominent 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 September 30, 2017, includes both foreign and local shareholders, who hold 65.87 percent and 9.05 percent of the shares, respectively. The total of publicly traded shares presently stands at 25.08 percent. The shareholding structure of Albaraka Turk guarantees the bank's confidence and high standing.
The Dallah Albaraka Group, which has investments in similar banks, insurance and leasing companies, as well as other enterprises, has established a wide network of branches throughout many Islamic countries. This provides Albaraka Turk with a sound platform and the capacity essential for conducting business on a global scale. The new system of interest-free financial services pioneered by Albaraka Turk offers an alternative facility for savers who are sensitive to the subject of interest. Under this new system, the savings of the depositors are treated as investments, based on a profit and loss sharing philosophy.
Today, the Albaraka Banking Group, to which Albaraka Turk is also affiliated, has 697 branches and representative offices in 15 countries. The Group's assets at the end of 2016 were USD 23.4 billion whereas Albaraka Turk's total assets, as of September 2017, reached TRY 33.83 billion. The most experienced participation bank in Turkey, Albaraka Turk is continuing non-stop with its aim to increase the number of branches and is rapidly and robustly advancing towards its sustainable growth target.
Thanks to its wide network of correspondent banks covering 1,000 banks in 80 countries from Singapore to the UK, from South Africa to China, from Australia to Kazakhstan, Albaraka Turk is providing fast, secure and quality foreign trade services.