Albaraka Turk

Baraka Bank is preparing to celebrate its 30th anniversary, having achieved healthy growth in the banking system in Turkey through major changes and a sound strategic approach. After the proposal presented by Al Baraka Banking Group in 1984 in the field of interest-free banking services, studies and research commenced. In 1985, the special banking institution was established under the name Baraka Turk Bank, and in 1988, the bank began offering services in the field of financial insurance transactions.

By 1992, the number of its branches reached ten with financial assets exceeding $400 million. In 1998, after signing an agreement with the Visa banking institution, the bank began offering credit card services and the number of branches increased to 22. By 2002, the number of branches rose to 24, and the total capital reached about $70 million. In 2007, $170 million was offered for subscription, attracting bids from 24,000 investors with a total value of their bids reaching $7 billion.

In 2011, the first branch outside Turkey was opened in Erbil, Iraq, and by 2013, the number of branches reached 166. After opening 35 new branches in 2014, the total number of branches reached 202. The bank currently aspires to be the best contributing bank in the world.


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