Albaraka Türk

Summary

Albaraka Türk is a Turkish participation bank founded in 1984 in Istanbul, active from 1985, and known as the first participation bank in Turkey. ¹ It was founded with the backing of Al Baraka Group, the Islamic Development Bank and a Turkish industrial group, and operates under Turkey's Banking Law No. 5411. ¹

What it does

With Anadolu Hayat it announced private pension plans invested in Sharia-compliant, interest-free instruments, and it holds Islamic licences for profit-and-loss partnership, consumer finance and credit cards. ¹

Ownership

At 30 September 2010 Al Baraka Group held 54.06%, the Islamic Development Bank 7.84% and the public 22.47%. ¹

References

Wikipedia, "Albaraka Türk", revision 1379614955. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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Islamic banks and conventional banks — the difference, the doubts and the performance