1 Turkiye Finans Katilim Bankasi
2 Kuwait Turkish Participation Bank
3 Albaraka Turkish Finance House
4 Bank Asya
Trading
List of Islamic Banks in Turkey
Published by Gbaf News
Posted on April 3, 2013
1 min read· Last updated: September 23, 2024
Key Takeaways
- Turkey hosts several Islamic participation banks operating under Sharia‑compliant principles.
- Key participants include Türkiye Finans, Kuveyt Türk, Albaraka Türk, and the now‑defunct Bank Asya.
- These banks follow the profit‑and‑loss sharing model and are regulated under Turkey’s Banking Law No. 5411.
- Participation banks are expanding amidst government support for Islamic finance.
- Bank Asya ceased operations in 2016 and is no longer active.
References
Frequently Asked Questions
What is a participation bank?
A participation bank (katılım bankası) is an Islamic finance institution in Turkey that operates under Sharia principles, avoiding interest and using profit‑and‑loss sharing models.
Which Islamic banks currently operate in Turkey?
Currently operating participation banks include Türkiye Finans, Kuveyt Türk, and Albaraka Türk.
What happened to Bank Asya?
Bank Asya was a participation bank that operated between 1996 and 2016; its banking license was cancelled in 2016.
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