As Albaraka Turk Participation Bank, we were founded in 1984 by pioneering interest-free banking in Turkey and began actively serving in 1985. Having founded under the guidance of the strong capital groups in the Middle East, Al Baraka Group B.S.C., Islamic Development Bank (IDB) and another industry group serving the Turkish economy for more than a half century, we continue operating in Turkey in compliance with the 5411 Banking Law.
As of 30.06.2021, in our partnership structure, the share of the foreign partners is 62,12%, the share of the local partners is 0,98% and the share open to public is 36,90%.
Overview of Albaraka
With more than 30 years of experience in the sector, we have succeeded in achieving healthy growth by foreseeing the great change that the Turkish economy has experienced over time with the right strategies and being the pioneer of participation banking.
- 1984 - Establishment of Albaraka were initiated with the offer from Albaraka, which operates in non-interest banking sector.
- 1985 – We started operating as the first private finance institution in Turkey.
- 1988 - Financial leasing transacrions were initiated.
- 1992 - Number of branches reached to 10 and its total assets exceeded 400 million dollars.
- 1998 - We started to present credit card service as well after our agreement with Visa and the number of our branches reached up to 22.
- While the number of our branches reached to 24, our total equity capital reached 70 million dollars.
- 2007 - Public offering for 170 million dollars attracted over 7 billion dollars of demands from 24 thousand investors.
- 2011 - First branch abroad opened in Erbil-Iraq. We achieved the largest amounted syndication credit in the sector with a usury syndication amounting to 350 million dollars. We carried out the first wakala transaction.
- 2012 - Transformation program SIMURG was initiated in line with our vision of "To Be the Best Participation Bank in the World”
- 2013 - The number of our domestic branches reached up to 166. We provided capital-like credit with the usury sukuk method applied for the first time in Turkey.
- 2014 - We broke a record in banking history with 35 new branch openings and the number of our branches reached to 202.
- 2015 - The first subordinated sukuk complying with Basel 3 criteria are issued in Turkey. Albatros, a new core banking system that shifts the Bank’s focus from operations to customers, was put into service as of June 19, 2015. The Bank’s Mobile Branch and Mobile Branch touch ID projects were completed.
- 2016 – 4 domestic lease certificates (sukuk) in were issued for our qualified investors. Head-quarters building of Albaraka was granted LEED Gold Certificate. Albatros (New Main Banking System) project was deemed worthy of an award of “the Best Technology Utilization in Retail Banking” in “Banking Technology Awards”.
- 2017 - The Bank’s domestic branch number increased to 220. Albaraka Garage was launched, as the first start-up accelerator in the world established by a participation bank. The Bank undersigned major projects for digitization, a strategic priority area for Albaraka. Albaraka was named “Turkey’s Best Participation Bank” by Islamic Finance News (IFN) magazine.
- 2018 - The total number of branches reached 230. The Bank received the Best Participation Bank of the Year award at the third edition of the Adding Value to Turkey Awards organized by Turcomoney in 2018. Albaraka Mobile was enhanced with the addition of QR code, Voice Assistant and Face Recognition features. Albaraka was a standout at the WIFA 2018 Awards, collecting three prizes by ranking first in three separate categories.