Albaraka Turk Participation bank to invest abroad as well next year
Islamic Banking has been on the rise after Ak Parti came to power in 2002. Albaraka Turk Participation Bank was one of the first banks to be established in this field in 1985 and soon took its place among the leading financial institutions in the field of Islamic banking in Turkey and has been serving since that time.
Based on announcement made by the management, the net profit of the bank increased by 9 percent in 2017 compared to the previous year reaching TL 237 million. In the same period, total assets of the bank increased by 10.3 percent to TL 36.2 billion. Last year, the bank extended funds of 25.2 billion pounds.
On the other hand a statement was made by Abaraka top management about the activities of the bank and the situation of “participation banking” in Turkey. The statement reminded that Albaraka was among Turkey’s first participation banks and the Albaraka Group operated in 13 countries. The statement also explained that 35 percent of the total turnover of Albaraka Banking Group came from Albaraka Turk and that Albaraka Turk, would be increasing its investments abroad as well, next year.
