Turkey’s first participation bank Albaraka Turk will start Islamic digital banking in Germany

The modern stage of Islamic banking is accepted to have started in the 1970s following the establishment The Islamic Development Bank in Saudi Arabia when a number of commercial banks were established in neighboring countries. We observe that during the last few decades, Islamic finance and banking has spread throughout the Muslim countries, to become a global power in the finance world.

Turkey on the other hand is a unique case because despite it almost 100 percent Muslim population, it is a secular state based on the model of the Western European countries. Nevertheless, based on the preferences of the ruling pro-Islam party since 2002 the Islamic Banking System has shown great progress in Turkey, as well.

Among several banks operating in the sector ALBARAKA Türk is one of the leading “Participation Banks”. In fact, the bank is now determined to start Islamic (and digital) banking in Germany and spread it all over Europe.

Based on a statement made by officials of the bank ALBARAKA Turk which is Turkey’s first participation bank is preparing to start its service called INSHA, covering Islamic and digital bank applications to Muslims in Europe following Ramadan holiday.

As the management believes, the reason for this is there is a huge Muslim population in Europe but there is not a comprehensive Islamic Banking Model to address these people.

As expressed by the officials the advertising work to promote the digital bank among Muslims in Europe is scheduled to start soon.