You can also prevent the grievances you may experience in the face of fluctuations in gold and foreign exchange rates, by opening a “Currency Protected TL Participation Account” at our branches.

You can visit our nearest branch to open a Currency Protected TL Participation Account and get detailed information.

You can fill in the "Application Form" so that we can call you and give you detailed information.

Features

• Only domestic resident natural persons will be able to benefit from the product.
• Accounts can be opened from all Albaraka Türk branches during working hours.
• Accounts can be opened in 3-6-12 month maturities and there is no interim maturity.
• At the end of the maturity, the withholding tax rate to be applied specifically to the product will be zero (0).
• For currency difference calculations, the CBRT gram gold and foreign exchange buying (USD) rate announced at 11:00 on the day the account is opened, and the CBRT gram gold and foreign exchange buying (USD) rate announced at 11:00 on the expiry day are used.
• When the maturity date comes, the exchange rate return on the Participation Account will be calculated over the exchange rate difference between the maturity date and the account opening;
  • If the exchange rate return is less than the profit rate return, the standard participation account process works and the customer receives only the profit rate return over the profit rate on the account.
  • If the exchange rate change is higher than the profit rate return at the end of the maturity date, the difference will be transferred to our bank in TL to be reflected in the customer account.
• No deposit/withdrawal transactions will be made on the product during the maturity period.
• If the due date coincides with a holiday, the due date will be determined as the first business day.
• Withdrawals from the account and closing of accounts are carried out after 11:00.
• At the end of the term, the account can be closed or renewed.
• In case the account is closed before maturity;
  • If the rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed is higher than the rate taken as the basis at the beginning of the maturity date, the government will not make any payment for the exchange rate difference, so no profit share and foreign exchange gain can be claimed for the account.
  • If the rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed is lower than the rate taken as basis at the beginning of the maturity date, the account balance will be calculated from the foreign exchange buying rate announced by the Central Bank of the Republic of Turkey at 11:00 on the date the account is closed before the maturity date. is updated. Profit share income cannot be obtained and the difference between the exchange rates is transferred by the bank to the relevant TL account of the Central Bank of the Republic of Turkey to be transferred to the Treasury. Therefore, in case of closing before maturity, there may be a decrease in the principal balance due to the decrease in gold and exchange rates.

YUVAM Account where our customers residing abroad can convert their savings in USD/EUR/GBP/CHF currencies into TRY with the CBRT's special conversion rate and can both protect their savings from possible exchange rate changes and provide additional income in addition to the profit share is now at Albaraka Türk.

For more information please fill out the ‘Application Form’.

Who Can Benefit

• Real persons who are Turkish citizens residing abroad
• Real persons who are foreign citizens and who meet the conditions for opening accounts in banks
• Companies established in a foreign country in accordance with the laws of that country and whose legal place of residence is abroad, of which real persons residing abroad are the shareholders 
• Blue Card holders

YUVAM Account Specifications

• A YUVAM account can be opened for foreign currencies USD (US Dollar), EUR (Euro), GBP (British Pound), and CHF (Swiss Franc).
• You can open your YUVAM Account using the web-based and Mobile banking platforms from our branches for a maturity of 3 months, 6 months, 12 months, and 24 months in TRY. If the maturity date falls on a holiday, the maturity date shall be set as the first business day.
• The exchange rate at which foreign currencies denominated in USD, GBP, EUR, and CHF will be converted into Turkish lira is the exchange rate announced by the CBT on a daily basis at 10:00, 11:00, 12:00, 13:00, 14:00, and 15:00 on the trading day.
• The lower limit to open an account is TRY 250.
• Our customers will be able to renew their accounts at the end of the term. The renewal process can be completed in parts and at different terms if desired.
• The withholding tax rate to be applied on a product at the end of the term shall be zero (0).
• The CBRT will provide an additional return payment over the foreign currency amounts converted to YUVAM TRY accounts on the maturity date, in addition to the principal and the exchange rate difference, as follows.
  • 1% per year for 3-month maturity accounts
  • 2% per year for 6-month maturity accounts
  • 3% per year for 12-month maturity accounts
  • 4% per year for 24-month maturity accounts
• No partial withdrawal can be made from the account before the date of maturity. In case a withdrawal is made before the date of maturity, the account is closed and converted into a current account.

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.