A Turkish participation bank will open a branch in the northern Iraqi city of Irbil in August, a bank statement said on Wednesday.
Participation bank Albaraka's branch will begin serving Irbil people in August.
It will be Albaraka's first branch in a foreign country.
"Irbil branch will contribute to bilateral relations between Iraq and Turkey," Albaraka's director general Fahrettin Yahsi said.
Yahsi said the bank was also thinking of opening branches in the Balkans, and was working on a strategic partnership in Albania and Bosnia-Herzegovina as well as Kosovo.
The director general also said Albaraka would raise its branches in Turkey to 123 with the soon-to-be-opened ten branches in Istanbul, Kocaeli, Izmir, Antalya, Gaziantep and Diyarbakir.
Founded by Albaraka banking group (ABG), one of the prominent groups of the Middle East, Islamic Development Bank (IDB) and a native industrial group of Turkey, participation bank Albaraka Turk commenced operations in the beginning of 1985.
As of May 31, 2011, the share of the foreign partners is 66,16%, the share of the native partners is 11,33% and the share open to public is 22,51% in the partnership structure of Albaraka Turk.
Also as of end of May, Albaraka Turk has 113 branches all over the country, 47 of which are in Istanbul and 66 of which are in the prominent industry and trade centers of Turkey.
AAGüncelleme Tarihi: 13 Temmuz 2011, 13:31