Turkey's participation banks posted 470 million USD of profit in 2009.

The net profit of participation banks of Turkey was up 9 percent in 2009 over 2008, and reached 705 million Turkish liras (TL) (470 million USD), the Participation Banks Association of Turkey (TKBB) said on Friday.

An association statement said funds at the participation banks were up 40 percent and reached 17.8 billion USD (26.8 billion TL) on December 31, 2009.

The total assets of the banks rose 30 percent year-on-year and reached 22.4 billion USD (33.6 billion TL) in 2009.

The number of participation bank branches was up 6 percent and reached 560 in 2009. The banks employed 11,802 people in 2009.

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