Albaraka offers a new product called Conversion Supported Currency Protected TL Participation Account, which will protect your income against the currency increases in Gold, US Dollar, Euro, or GBP while you still continue to receive profit share for your Turkish lira savings!

By opening a “Conversion Supported Currency Protected TL Participation Account” at our Albaraka Mobile, Internet branch or physical branches, you can prevent the grievances you may experience in the face of fluctuations in gold and forex rates.

Please fill out the "Application Form" so that we can contact you to provide more information.

• Only domestic resident real and legal persons will be able to benefit from the product.
• Our domestic resident customers who have savings in US Dollars, Euros or GBP at our bank on 20.12.2021, and our domestic resident legal entity customers on 31.12.2021, can open their accounts in Turkish Lira equivalent, which is calculated over the foreign exchange buying rate announced by the CBRT on the hourly opening date. 
• On 28.12.2021, real persons residing in our bank with gold savings and domestic resident legal entity customers on 31.12.2021 can open their accounts in Turkish Lira, which is calculated over the gram gold purchase price announced by the CBRT on the opening date. Since our gold accounts are 995/1000 fine, the conversion process is based on the CBRT's 995/1000 fine price.
• For the processed or scrap gold (jewelry gold) brought to our branches on Gold Days after 28.12.2021, an account can be opened in TL equivalent, which is calculated based on the gram gold purchase price announced by the CBRT every hour.
• Accounts can be opened for real persons at maturities of 3-6-12 months* for legal persons 6-12 moths maturities with no option of interim maturity.
• The rate of return is calculated at the end of the maturity in accordance with the principles of Participation Banking.
• The lower limit for opening an account is 250 Turkish liras.
• The withholding tax rate that will be applied specifically to the product at the end of the term will be zero (0).
• All payments related to the account will be made in TL.
• The foreign exchange change rate is calculated based on the buying rate of a foreign currency or gram gold published by the CBRT per hour between the maturity start and account closing dates. When the foreign exchange change rate calculated at the end of maturity is compared with the profit share return of the account;
  • If the exchange rate change is lower than the profit share return, customers will be paid a profit share return at the end of maturity.
  • If the exchange rate change is higher than the account's profit share, then the profit share will be transferred to the account by our Bank whereas the difference between the exchange rate change and the account's rate of profit share will be transferred to our Bank by the CBRT in TL to be reflected on the customer's account. At the end of the term, the balance in the account will be paid off by being transferred into the current account. The maturity date shall not be extended.
• At the end of the term, the balance in the account will be paid off by being transferred into the current account. Our customers will be able to benefit from the support specified on a one-time basis.
• It is not possible to withdraw money from the account before the maturity date. In the case of withdrawal before the maturity date, the account is closed and converted to the current account.
• In case the account is closed before the due date;
  • If the exchange rate or gram gold buying rate announced by the CBRT at 11 am on the date the account is closed is lower than the exchange rate or gram gold buying rate at which the account was opened, the balance of the account is updated on the exchange rate or gram gold buying rate as announced by the CBRT at 11 am at the time the account was closed. Profit share returns cannot be obtained and the difference between the rates is transferred to the CBRT's corresponding TL account to be transferred to the Treasury by the Bank. Therefore, if the account is closed before maturity, the primary currency balance could decrease, depending on the decrease in the gold and foreign exchange rate.
  • In the event that the rate announced by the Central Bank of the Republic of Turkey at 11 am on the date the account is closed is higher than the rate taken as a basis at the beginning of the maturity date, no profit share and the return of exchange rate change on the account cannot be demanded since no payment is made by the TCMB for the exchange rate change.
• The opening time interval for the account is 10:00- 16:45. Withdrawals from the account and account closure transactions are carried out after 11:00.

*Real person resident in the country: Refers to real persons who have legal settlements in Turkey, including Turkish citizens who are workers, self-employed, and private business owners abroad. Legal person residing in Turkey, excluding financial institutions, refers to legal entities with a legal residence in Turkey.

**The maturity date will be determined as the first working day if it coincides with the weekend or public holidays.