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Participation Banks Association of Turkey PARTICIPATION BANKS 2015 PARTICIPATION BANKS ASSOCIATION OF TURKEY The Participation Banks Association of Turkey in Brief The inclusion of the ‘De- The Participation Banks Association of Turkey with banking regulations principles and rules, (PBAT), headquartered in Istanbul and estab- to work for the healthy growth of the banking velopment of Participation lished in accordance with the Banking Act, is a system and development of the banking pro- Banking and an Interest professional public institution of legal person- fession, increase competitiveness, ensure nec- ality. essary decisions are taken for the creation of Free Financial System’ issue a competitive environment and prevent unfair The foundations of the PBAT, the umbrella or- competition and implement and demand the to be included in the Tenth ganization of the participation banks operat- implementation. Development Plan, offers ing in Turkey, were laid in 2001 by the Associa- tion of Special Finance Institutions. The title of In accordance with the legislation, participa- us hope, as the Participa- the Association was amended as Participation tion banks become members of the Partici- tion Banks Association of Banks Association of Turkey in 2005. pation Banks Association of Turkey within one month of being granted their permission to Turkey, for the future in The aim of the PBAT is to defend the rights operate. Five participation banks operating in terms of the development and interests of participation banks within Turkey at the end of 2015 were joined by a new the framework of a free market economy and one that started operation in February 2016, and growth potential of the the principle of full competition in accordance all of which are members of the PBAT. industry. www.tkbb.org.tr Osman Çelik Chairman of PBAT Participation banks of Turkey - Key indicators (2015)* Funds collected Funds allocated Total assets TL 74.4 billion TL 79.2 billion TL 120.3 billion Shareholders’ equity Number of personnel Number of branches TL 10.6 billion 16,554 1,080 *Key indicators of 5 members of the Participation Banks Association of Turkey (As of 31 December 2015) PARTICIPATION BANKS 2015 CONTENTS PARTICIPATION BANKS ASSOCIATION OF TURKEY MESSAGE BY THE CHAIRMAN OF PBAT WORLD ECONOMY ESTABLISHED IN Osman ÇELİK Geopolitical developments 2002 Perceptions in Participation played a hand in directing Banking the world economy. MEMBERS 04 06 PARTICIPATION BANKS OPERATING IN TURKEY CHAIRMAN Osman Çelik Türkiye Finans Katılım Bankası A.Ş. BOARD MEMBERS Albaraka Türk Katılım Bankası A.Ş. Asya Katılım Bankası A.Ş. Kuveyt Türk Katılım Bankası A.Ş. Türkiye Finans Katılım Bankası A.Ş. Vakıf Katılım Bankası A.Ş. Ziraat Katılım Bankası A.Ş. SPECIAL REPORT PARTICIPATION BANKS SECRETARY GENERAL Osman AKYÜZ The Interest Free Financing Participation banks step up Coordination Board their growth in 2015. AUDITORS Süleyman SAYGI - İsmail GERÇEK 40 42 HEAD OFFICE Kısıklı Caddesi No: 22 Altunizade 34662 Üsküdar-İstanbul/ Turkey PHONE (+90 216) 651 94 35 (Pbx) FAX (+90 216) 216 651 94 39 WEBSITE www.tkbb.org.tr E-MAIL KUVEYT TÜRK TÜRKİYE FİNANS [email protected] Ufuk UYAN Osman ÇELİK Kuveyt Türk introduces Sure steps towards participation banking to sustainable growth 60 Europe. 66 PARTICIPATION BANKS 2015 CONTENTS TURKISH ECONOMY TURKISH BANKING SECTOR GLOBAL INTEREST FREE BANKING The Turkish economy The banking sector The global interest free sustained its growth trend in maintains its robust balance financial system keeps its 18 2015. 28 sheet structure. 34 strong growth trend. INTERVIEW WITH THE GENERAL ALBARAKA TÜRK BANK ASYA SECRETARY OF PBAT Osman AKYÜZ Dr. Fahrettin YAHŞİ Abdullah GÜZELDÜLGER Participation banks continue Three dimensional change A period when risk to add value to Turkey’s process management has gained 46 economy. 50 56 importance ZİRAAT PARTICIPATION FINANCIAL STATEMENTS and DATA BRANCHES Osman ARSLAN Main sectoral financial datas, More by sharing Branch coordinates of financial statements and 72 participation banks 79 graphs 96 PARTICIPATION BANKS 2015 Perceptions in Participation Banking Some similarities between participation banking and conventional banking have given rise to misun- MESSAGE BY THE CHAIRMAN OF PBAT THE CHAIRMAN BY MESSAGE derstandings in public, for example ‘there is no differ- ence between the two’ or ‘in participation banking the interest is implicitly re- ferred to as dividends’. This misunderstanding can be found in the media, which has a very important place in society, in academic cir- cles and even among some theologians. Osman Çelik Chairman - Participation Banks Association of Turkey Representatives of the in- The history of the Participation Banking sec- fulfill the intermediary tasks between savings tor, which has demonstrated a rising trend and investments. While banks extend the terest free banking model, in recent years in Turkey, goes back 31 years. savings they have collected to industrialists, which joined the financial Representatives of interest free banking mod- merchants, craftsmen and to consumers who el, which joined our country’s financial sector need financing, they also fulfill other services sector in our country in in 1985 under the name of “Special Financial to facilitate the economic and social life of Institutions” and as Participation Banks with the country such as offering credit cards, wire 1985 under the name of the Banking Act in 2005, face some difficulties transfers/ EFT transactions, cheque accounts, “Special Financial Institu- owing to the fact that the industry is still very debit, letters of guarantee, and foreign trade young. transactions. Therefore, differences between tions” and as Participation participation banking and conventional bank- Banks with the Banking Act A lack of public awareness has been the big- ing are not functional, but arise in the main gest obstacle to the development of partici- activities of fund collection and extending in 2005 face some difficul- pation banking, and consequently the sector methods. ties owing to the fact that has suffered from some problems regarding its perception. Some similarities between par- The ban on interest the industry is still very ticipation banking and conventional banking According to the definition of the banking law, young. have given rise to misunderstandings in pub- deposit banks use interest when raising and lic, for example ‘there is no difference between extending funds while participation banks do the two’, or ‘in participation banking the inter- not use interest in any way. Participation banks est is implicitly called a dividend’. This misun- collect funds by the participation in profit and derstanding can be found in the media, which loss method, and use the trade and partner- has a very important place in society, as well ship method when extending funds. In Par- as in academic circles and even among some ticipation Banking, while collecting funds, the theologians. account holder is not guaranteed any return at the outset, and the profit arising from the Difference of methods trade and leasing undertaken with the collect- Participation banking does indeed exhibit ed deposits is shared between the bank and some resemblance with conventional bank- the customer. The activity which is described ing, which is extremely natural, because both as extending funds in banking is carried out 4 PARTICIPATION BANKS 2015 as commercial activity based on the sale and from each other, these differences may some- purchase of goods by participation banks. Pay- times become more pronounced. During pe- Carrying out the actions in ment is carried out to the seller of goods, not riods of economic stress, such as in 2013 and the 2015-2025 Strategy Doc- to the customer, and the said commodities are 2015, while deposit banks were forced to raise sold to customers and the price is charged ac- rates causing higher interest rates, in the peri- ument published by PBAT cording to the agreed terms. od of exiting crisis (for example in 2009) divi- and the Tenth Development dend rates of participation banks may remain OF PBAT THE CHAIRMAN BY MESSAGE However, participation banks do observe basic high even as commercial banks reduce their Plan will support the growth principles which apply in all banking activities, interest rates. of the sector and provide a which deposit banks do not have. They are the ban on services such as interest, uncertainty, Another point that should be underlined more robust basis for Turkish excessive risk and speculation, risk-sharing ba- is that the important issue in participation Participation Banking. sis, and ban on some products and activities banking is not the rate but compliance with deemed harmful to society (such as alcoholic the principles of participation banking in the beverages, weapons, tobacco or gambling). process of extending funds and raising funds. Because in interest free banking there is no any Proximity of the rates rate restriction or ban on rates similar to other Although there are significant differences in institutions. the methods of Participation Banking and Deposit Banking, the main reason for the mis- Similarities in housing and vehicle financ- leading perception is that the rates of fund ing allocation and fund raising (interest and div- Another criticism expressed is the lack of a signifi- idend rates) are close to each other in both cant difference in the housing and vehicle financ- types of banking. However, the similarity be- ing process between the two banking systems. What happened in the sector in 2015? tween these rates partly stems from the prob- This is indeed accurate, and the main reason In 2015, the total assets of the participation lems in the Turkish economy and Turkish bank- is that deposit banks’ use of a method which is banking sector increased by 15% to TL 120 ing. The short-term nature of savings in banks similar to the principles of participation banking. billion, while deposits in banks and funds col- (an average of 70 days) directs both partici- Deposit banks are carrying out the payment to lected including accruals increased by 13% pation banks and commercial banks to meet the vendor, not to the customer, as with partic- to reach TL 76 billion.
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