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In this updated 2025 guide, I explain everything you need to know about Albaraka Turk Bank in Turkey – its interest-free (Islamic) banking system, main services, fees in ₺, € and $, SWIFT code, and how to open an account as a foreigner.
Albaraka Turk is a participation bank (Islamic bank) and a subsidiary of the Al Baraka Banking Group, which owns many Albaraka-branded banks around the world and in several Arab countries.
About Albaraka Turk Bank in Turkey
Albaraka Turk Bank specializes in interest-free banking services that comply with the principles of Islamic finance. It was established in 1984 and grew rapidly; by 1992 its assets had exceeded $400 million across 10 branches.
The growth has continued. As of the end of 2022, Albaraka Turk operated 224 branches in Turkey and 2 international branches (Erbil and Baghdad), for a total of 226 branches. The exact number of branches can change over time, so it is always a good idea to check the latest figures on the bank’s official website.
Their consistent performance and customer focus have been recognized with numerous awards, which has helped them build trust and a strong reputation in Turkey’s participation banking sector.
Services Provided by Albaraka Turk Bank in Turkey
Albaraka Turk serves both foreigners and Turkish citizens with a broad range of products designed around Islamic finance (participation banking). Key services include:
- Islamic Murabaha financing: Sharia-compliant financing where the bank purchases goods and sells them to the customer at a disclosed profit margin.
- Home, vehicle, and personal financing: Financing structures similar to mortgages and personal loans, but based on profit-sharing or asset-backed contracts instead of conventional interest.
- Current and participation accounts: Classic current accounts plus participation (profit-sharing) accounts in Turkish lira, foreign currencies, and gold.
- Online and mobile banking: Bill payments, money transfers, investment transactions, and many other services via internet and mobile banking.
- SWIFT transfers: International transfers using the bank’s SWIFT code for payments in foreign currencies.
- Domestic transfers: EFT/FAST to other banks in Turkey and havale (in-bank transfers) between Albaraka accounts.
- Cards: Debit, credit, and prepaid cards suitable for daily spending, online shopping, and international use.
- Currency exchange and Western Union: Buying and selling foreign currencies and sending/receiving money via Western Union at many branches.
- Investment services: Access to gold, mutual funds, and capital markets products that are compatible with participation banking principles.
- Insurance (takaful) products: Protection for individuals, families, and businesses with Sharia-compliant insurance structures.
- Business and trade finance services: Import/export financing, letters of credit, guarantees, and safe deposit boxes for secure storage.
- Government payments: Paying taxes, fees, and other government-related payments through branches or digital channels.
Each service is structured to offer a modern banking experience while respecting Islamic ethical and financial principles.
Profit Sharing Instead of Interest at Albaraka Turk
Albaraka Turk is a participation bank, so it does not pay or charge conventional interest. Instead, it uses structures such as Murabaha and other Islamic contracts, where profits and risks are shared.
The bank generates income by using funds from current and participation accounts in commercial and industrial financing. The profits from these activities are then shared with customers holding participation accounts, in line with pre-agreed ratios and Sharia rules.
Profit-share (kâr payı) rates are not fixed and change over time depending on market conditions and the bank’s performance. Instead of a static interest table, Albaraka Turk provides tools such as a “Kâr Payı Hesaplama” (Profit Share Calculation) feature on its website, where you can see indicative returns for different terms and currencies.
Participation accounts are available in Turkish lira, US dollars, euros, and gold (XAU), making them attractive for savers who want exposure to different currencies or precious metals while staying within Islamic finance principles.
For the latest profit-sharing rates, always refer directly to Albaraka Turk’s official website: https://www.albaraka.com.tr.
Similar to Albaraka Turk, Kuwait Turk Bank (Kuveyt Türk) also offers Islamic banking services in Turkey, with a wide range of Sharia-compliant financial products.
Albaraka Turk Bank Branches Outside Turkey
Although many banks around the world carry the Albaraka name, it is important to understand that Albaraka Turk operates as a separate legal entity under Turkish regulations.
This means that having an account with Albaraka Turk in Turkey does not automatically connect to an account you may hold with, for example, Al Baraka in Saudi Arabia or another country. Each bank maintains its own systems, products, and customer relationships.
International branches: As of the end of 2022, Albaraka Turk had two international branches outside Turkey, located in Erbil and Baghdad in Iraq. For the most up-to-date addresses and contact details, you should always consult the branch directory on the bank’s website rather than relying on static phone numbers that may change over time.
Beyond its own branches, Albaraka Turk also conducts foreign trade operations (import, export, and foreign exchange) through a wide correspondent bank network, working with nearly 1,000 banks in around 80 countries.
SWIFT Code of Albaraka Turk Bank (Turkey)
For international transfers to Albaraka Turk Bank accounts in Turkey, you should use the bank’s SWIFT/BIC code: BTFHTRIS (information current as of 2025).
Your sender will also need your IBAN, full name, and sometimes your branch name or address, depending on the sending bank’s requirements.
How to Open an Account at Albaraka Turk (Especially for Foreigners)
Foreigners living in or visiting Turkey can usually open an account at Albaraka Turk, subject to the bank’s internal policies and Turkish regulations. Requirements can vary slightly by branch, but you will typically be asked for:
- Passport (or Turkish ID for residents).
- Turkish tax number (Vergi Numarası) – you can obtain this from a local tax office.
- Proof of address (utility bill, rental contract, or residence permit, depending on your status).
- In some cases, a residence permit if you are living long-term in Turkey.
Because procedures can change, it’s a good idea to contact the branch in advance and confirm which documents are currently required and whether they open accounts for short-term visitors or only residents.
If some of your documents need to be officially certified or translated, you may also need Notarization in Turkey, which is commonly done at a noter.
Using Albaraka Turk’s Mobile and Internet Banking
Once your account is opened, you can manage most of your daily banking via Albaraka Turk’s internet banking and mobile app without constantly visiting a branch.
To get started, you can either visit the nearest Albaraka Turk branch or register through their official website. Then download the Albaraka Mobile application, available in English and Turkish, for both platforms:
Through the app you can check balances, download account statements, pay bills, invest in gold or funds, and make domestic and international transfers.
Albaraka Turk Branches and ATMs in Turkey
Albaraka Turk’s branch and ATM network covers most major cities and many smaller towns in Turkey. To find the closest branch or ATM, use the bank’s official locator:
Albaraka Turk Branch & ATM Locator
From there, you can filter by city and district, and see which locations offer special services such as safe deposit boxes, Western Union, or extended working hours.
Money Transfer From and To Turkey
Wise (formerly TransferWise) is one of the most convenient ways to transfer money to and from Turkey easily, quickly, and securely. In many cases it offers a more transparent and often cheaper total cost than traditional bank transfers and many cash transfer services, thanks to mid-market exchange rates and clear fees.
Wise advantages
- Wise is regulated and secure in the countries where it operates.
- You can often send money abroad at a lower overall cost (fees + exchange rate) compared with many traditional methods.
- Fees are shown upfront, with no hidden charges.
- The transfer process is handled online via website or app – no need to visit a branch.
- Funds are usually deposited directly into the recipient’s bank account.
- Wise supports many major currencies, including the Turkish lira, US dollar, euro, British pound, and Egyptian pound.
You can start a transfer with Wise online – often more convenient than visiting a branch – by clicking here. Always compare current fees and exchange rates with your bank or other providers before sending.
If you are mainly interested in obtaining Turkish lira banknotes or coins, you may also find this guide helpful: How to Buy Turkish Lira Online.
Albaraka Turk Bank Fees in ₺, € and $
Like all banks in Turkey, Albaraka Turk applies a range of fees for financing, money transfers, card usage, and various services. Exact amounts change over time due to regulation, inflation, and internal pricing decisions, so you should always check the current fee schedule. Below is an overview of the main fee categories to help you understand what to expect.
1. Financing-Related Fees
- Allocation Fee (Tahsis Ücreti): Charged when you take out home, vehicle, or personal financing. It is usually calculated as a small percentage of the financing amount, within limits set by the regulator.
- Appraisal Fee (Ekspertiz Ücreti): If the bank needs an independent appraisal (for example, for real estate), the cost of the appraisal is typically passed on to the customer.
- Collateral Registration Fee (Rehin/İpotek Ücreti): For registering liens or mortgages over movable and immovable property (homes, vehicles, etc.), the bank reflects the official registry and notary costs.
- Early Payment Compensation (Erken Ödeme Tazminatı): If you repay your financing early, the bank may charge compensation within the legal limits set by Turkish regulations. The rate depends on the remaining maturity and current rules.
2. Account, Card, and ATM Fees
- Current and participation accounts: Many basic operations (such as internal transfers via digital channels) are free, but some services – especially those performed at branches – may carry a fee.
- Card fees: Credit cards can have annual membership fees depending on the card type and campaign; debit cards may have lower or no annual fees. Replacement cards and urgent deliveries may also be charged.
- ATM withdrawals:
- Cash withdrawals and balance inquiries at Albaraka Turk ATMs are typically free for the bank’s own cards.
- Using foreign cards or cards from other banks at Albaraka ATMs can incur fees, often determined by both banks and the card network.
3. Domestic Transfer Fees (EFT, FAST, and Havale)
- EFT/FAST to other banks: Fees depend on the transfer amount, the channel (branch, internet, mobile, or ATM), and the time of day. Digital channels generally have lower fees and often benefit from regulatory caps.
- Havale (in-bank transfers): Transfers between Albaraka Turk accounts are usually cheaper and in many cases free via digital channels, though branch transactions can carry a small service fee.
- Precious metal transfers (gold, etc.): If you transfer gold or other precious metals between accounts, specific fees may apply depending on the gram amount and channel.
4. International Transfer Fees
- SWIFT payments: Sending or receiving international SWIFT transfers in foreign currencies (USD, EUR, etc.) involves transfer fees and may also include correspondent bank charges. Fees vary by currency, destination, charge type (OUR/SHA/BEN), and channel (branch vs. digital).
- Western Union: If you send money via Western Union through Albaraka Turk, fees are determined by Western Union’s pricing and the transaction details.
Because fee amounts are updated regularly, it is not reliable to depend on old figures. For precise and current information in Turkish lira, euros, or US dollars, always check Albaraka Turk’s official fee table:
Albaraka Turk – Product and Service Fees (Ürün ve Hizmet Ücretleri)
Protecting Yourself as a Banking Customer in Turkey
Before signing any financing agreement or opening new products, carefully read the fees, profit-sharing terms, and early payment conditions. If you feel you have been charged unfairly or misinformed, you can use Turkey’s consumer protection framework and complaint channels.
For a step-by-step explanation of your rights and how to file a complaint, see this detailed guide: Consumer Protection in Turkey.
If you are planning a longer stay in Turkey or considering moving your savings here, understanding the broader cost of living will also help you decide what kind of banking products you need. You may find this article useful: Life Cost in Turkey in US Dollars.
Information in this article has been updated using data available up to late 2025. Banking products, fees, and branch numbers can change, so always confirm key details directly with Albaraka Turk before making financial decisions.
