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Turkey's Islamic participation banks recorded profit in the third quarter of 2009.

The participation banks of Turkey recorded 18 percent of net profit in the third quarter of 2009, over the same period of 2008, the Participation Banks Association of Turkey (TKBB) said on Wednesday.

An association statement said that the net profit of the participation banks in the mentioned period was 353 million USD (530 million Turkish liras-TL).

Also, funds at the participation banks were up 30 percent in the mentioned period, over the end of 2008, and reached 16.6 billion USD (24.9 billion TL).

The statement said that the number of branches of participation banks were also up 2 percent to 540 in the same period.

In its statement, the association said these banks were employing 11,216 people.

The Participation Banks Association of Turkey has currently four members, including Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans. The head office of the association is in Istanbul.

The main objective of the association is to defend the rights and interest of
participation banks within the frame of the free market economy and full competition principles in direction of the banking system regulations; to carry out the studies and research for the enhancement and healthy functioning of the banking system; to adopt, practice and demand such resolutions be practiced to improve the competitive power, and avoid unjust competition.


AA