Retail Banking

Participation Accounts
Participation Accounts
Participation Accounts
Participation Accounts

Participation accounts are the deposits collected on one month, three month, six month, one year and over one year maturities. Participation account deposits maybe a Turkish Lira, U.S. Dollar and Euro; and each currency is grouped and followed separately, what we call “pool system”.

Profit/loss amount of each group is calculated at the maturity day of each deposit, and 20 or 25 % of the profit/loss representing mudarip share is taken by Albaraka, remaining 75 or 80 % belongs to deposit holder. The percentage of mudarip share is determined by the maturity and/or the magnitude of the deposit. The mudarip share is announced in media before the opening date of the deposit.

The income received through participation accounts are subject to 15 % income tax withholding.

Participation accounts are insured up to TL 100.000 each by the governmental unit, similar to commercial banks.

Participation Accounts
Participation Accounts
Open a participation account ?
Insurance
Participation Accounts
Participation Accounts

The Features:

  • Application accounts are deposit accounts that are opened in Turkish Lira and foreign currency (USD or EURO) according to participation to profit and loss.
  • Application account owners are not offered undertaking of income while opening an account.
  • In application accounts money can be taken only in its term. But if the instituon consents, it is possible to take money before its term.
  • The funds that are collected in application accounts are used directly in the finance of trade and industry with the free-interest finance ways and the part of obtained profit which is related to these accounts is delivered to account owners.
  • Application accounts can be opened for 1 month, 3 months, 6 months, 1 year and term of paying periodic profit share for 1 year (paying by 1 month, 3 months and 6 months).
  • The limit of opening application account is at least 500 TL/USD/EURO.
  • Because of legal obligation the income tax is taken from the gain of obtained profit share.

You can find the rates of income taxes in the statement below.

What do I have to do to open a participation account ?

If there is an Albaraka Turk branches in your area, by going through this branch or if your place that we don’t have our branches Akbank branch can open an account, you can get your principal and profit sharing.
The owners of foreign savings;
Real persons;
- Name, Surname,
- Date of birth,
- Place of birth,
- Name of mother and father,
- Nationality,
- Type and number of identify certificate,
For non-Turkish citizens;
- Identify certificate/Passport/Residence Permit,
- Residence Address (A certified copy of invoice saved on the last three months),
- Specimen Signature (Shows examples of the signature of a document concerning),
- Account (document itself indicates the account used for sample),
Artificial Entities;
- Appellation,
- Commercial registration number,
- Line of activity,
- Partnerships and address,
In Includes the information about the country of corresponding to approved by the consulate of the Republic of Turkey.

The outline of "The abolition of compulsory about Hague agreement of foreign formal certificate of documents" this agreement declare with notarized Turkish translate by deducted to certificate of authority of the country,

Specified below of foreign correspondent bank account of our bank through by put out money of and sending a remittance to opening account to profit and loss.

USD CITY CCY ACCOUNT ID
Bank of New York Mellon Corporate New York USD 890 0033 150
Standard Chartered Bank New York USD 3582-020202-001
Commerzbank AG Frankfurt USD 400886907800
EURO İÇİN CITY CCY ACCOUNT ID
Bank of New York Mellon Corporation (CURRENT) Frankfurt EUR 0049609710
Standard Chartered Bank GmbH Frankfurt EUR 18220005
Commerzbank AG Frankfurt EUR 400886307801

 

The money order that is sent with the canal of correspondent bank from either domestic or abroad is started to deal on the day when it is actually placed on the accounts of Albaraka Turk.

The profit shares that are delivered to application accounts are calculated by the end of the shift everyday.

You can reach your information of profit sharing that are delivered to application accounts from the department of Profit Shares and Exchange Rate, 444 5 666 Alo Albaraka Turk, internet banking and daily newspapers.

The Saving Account

In our economy that is developing and growing up every passing day as Albaraka Turk we offer you a solution in which you will appraise your investment in a better way and that will make your investments profitable. The Saving Account is a kind of account that is paid by periodical profit shares, timed for 365 days in the investment pool of TL, USD or EURO.

The Saving Accounts timed for 1 year have payment of profit share for 1 month, 3 months and 6 months. You can use your profit shares that you will take as periodical like a kind of salary.

Insurance
  • Collected funds in private current accounts and participation accounts on Turkish currency or Exchange currency on behalf of real persons in Participation Banks depend on insurance. The part up to 50,000 TL of accounts and profit share sums of a person is within the scope of the insurance.
  • Accounts that are opened in abroad agencies including off-shore banking of Participation Banks is out of the scope of Savings Deposit Insurance Fund.
  • In case of removal of activity permit; unit account value that will be calculated on liquidiation balance sheet is based on. Payments within the scope of Savings Deposit Insurance Fund are performed on Turkish Lira. For conversion of Foreign currency account into Turkish Lira, Central Bank Exchange purchase currency is applied.
  • If shares who have accounts in private common account and/or participation account are certain; payment is performed according to these shares; including the insurance amount; if it is not certain payment is performed equally on condition that not exceeding the insurance amount for each person.