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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, updated 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. Established in 1984 as Turkey’s first participation bank, it has grown into a major financial institution.
The bank has shown robust growth recently. According to financial results from the third quarter of 2025, Albaraka Turk’s total assets reached TL 421.4 billion, and it reported a net profit of TL 11.18 billion for the first nine months of the year. This financial strength underscores its reliability in the Turkish market.
As of late 2025, Albaraka Turk operates 223 domestic branches in Turkey and 2 international branches (Erbil and Baghdad), bringing the total network to 225 branches. While the branch network is extensive, digital channels handle a significant portion of daily transactions.
Their consistent performance and customer focus have been recognized with numerous awards, helping 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.
- Safe Deposit Boxes: Secure storage for valuables, with updated 2025 pricing tiers.
- Government payments: Paying taxes, fees, and other government-related payments through branches or digital channels.
Important Update on Citizenship Accounts (2025): As of January 2, 2025, the Central Bank of the Republic of Türkiye has discontinued the opening of new YUVAM accounts for the purpose of obtaining Turkish citizenship. While foreign currency protection accounts may still exist for financial hedging, they can no longer be used as the investment vehicle for citizenship applications.
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 fluctuate depending on market conditions. In 2025, reflecting the broader economic environment in Turkey, indicative profit share rates for Turkish Lira accounts have been attractive:
- 1-Month Term (TL): Approximately 32%
- 1-Year Term (TL): Approximately 42%
Conversely, profit share rates for foreign currencies like USD and EUR remain lower, typically ranging between 0.60% and 0.94%.
Instead of a static interest table, Albaraka Turk provides tools such as a “Kâr Payı Hesaplama” (Profit Share Calculation) feature on its website. Participation accounts are available in Turkish lira, US dollars, euros, and gold (XAU).
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 separation is crucial for compliance and means that accounts are not automatically linked across borders.
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 late 2025, Albaraka Turk maintains two international branches outside Turkey, located in Erbil and Baghdad in Iraq.
Beyond its own branches, Albaraka Turk conducts foreign trade operations 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 verified for 2025). Sometimes you may see it as BTFHTRISXXX, which refers to the Head Office.
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 (valid and original).
- Turkish tax number (Vergi Numarası) – obtained from a local tax office or online.
- Proof of address (utility bill, rental contract, or residence permit).
- In many cases, a residence permit (İkamet) is preferred. If you do not have one, some branches may ask for a substantial deposit to open the account.
Because procedures can change, it’s a good idea to contact the branch in advance. 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. The bank promotes a “Cost-Free Banking” (Masrafsız Bankacılık) model for digital channels, often waiving fees for domestic transfers.
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:
Albaraka Turk Branches and ATMs in Turkey
Albaraka Turk’s branch and ATM network covers most major cities. To find the closest branch or ATM, use the bank’s official locator:
Albaraka Turk Branch & ATM Locator
Be mindful of banking hours and national breaks when planning your visit. For a list of days when banks are closed, check our guide to Public Holidays In Turkey 2025.
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.
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.
- Wise supports many major currencies, including the Turkish lira, US dollar, euro, and British pound.
You can start a transfer with Wise online by clicking here. Always compare current fees and exchange rates with your bank or other providers before sending.
If you need physical cash, you may also find this guide helpful: How to Buy Turkish Lira Online.
Albaraka Turk Bank Fees in ₺, € and $
Like all banks, Albaraka Turk applies fees for financing, transfers, and services. Below are approximate 2025 fees for key services to help you budget.
1. Safe Deposit Boxes (Kiralık Kasa)
If you need a safe deposit box, the 2025 annual rental fees are approximately:
- Small: ~2,032 TL
- Medium: ~2,370 TL
- Large: ~2,701 TL
Note: A deposit equal to the one-year rental fee is typically required.
2. International Transfer (SWIFT) Fees
- Outgoing USD Transfers: Typically charged at a rate of 0.05%, with a minimum fee of $25.
- Incoming USD Transfers: Standard transactions (under $10,000) often incur a fee of around $10.
3. Financing-Related Fees
- Allocation Fee (Tahsis Ücreti): Charged when you take out home or vehicle financing.
- Appraisal Fee (Ekspertiz Ücreti): Passed on to the customer for real estate valuations.
- Collateral Registration Fee: For registering mortgages, reflecting official registry costs.
4. Account & ATM Fees
- Current Accounts: Generally, Albaraka Turk does not charge an Account Operation Fee (Hesap İşletim Ücreti).
- ATM withdrawals: Free at Albaraka ATMs with their own cards. Using other banks’ ATMs will incur fees.
Because fee amounts are updated regularly, strictly check the official fee table before transacting:
Albaraka Turk – Product and Service Fees (Ürün ve Hizmet Ücretleri)
Protecting Yourself as a Banking Customer in Turkey
Before signing any financing agreement, carefully read the profit-sharing terms and early payment conditions. If you feel you have been charged unfairly, you can use Turkey’s consumer protection framework.
For a step-by-step explanation of your rights, 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 is essential. You may find this analysis useful: Life Cost in Turkey in US Dollars.
Information in this article has been updated using data available as of late 2025. Banking products, fees, and branch numbers can change, so always confirm key details directly with Albaraka Turk before making financial decisions.
