Currency Protected TL Participation Account

Albaraka offers a new product called Currency Protected TL Participation Account, which will protect your income against the exchange rate increases in Gold and Foreign Exchange while you still continue to receive profit share for your Turkish lira savings!

By opening a “Currency Protected TL Participation Account” at our Albaraka Mobile, Internet branch or physical branches, you can prevent the grievances you may experience in the face of fluctuations in gold and forex rates.

Please fill out the "Application Form" so that we can contact you to provide more information.

• Accounts can be opened at maturities of 3-6-12 months* with no option of interim maturity.
• The rate of return is calculated at the end of the maturity in accordance with the principles of Participation Banking.
• Only real domestic residents** will be able to use the product. 
• The lower limit for opening an account is 250 Turkish liras.
• The withholding tax rate that will be applied specifically to the product at the end of the term will be zero (0).
• All payments related to the account will be made in TRY.
• The foreign exchange rate change is calculated based on the buying rate of a foreign currency or gram gold published by the CBRT per hour between the maturity start and account closing dates. When the foreign exchange rate change calculated at the end of maturity is compared with the profit share return of the account;
  • If the exchange rate is lower than the profit share return, customers will be paid a profit share return at the end of maturity.
  • If the foreign exchange rate chance is higher than the account's rate of profit share, then the profit share will be transferred to the account by our Bank whereas the difference between the foreign exchange rate change and the account's rate of profit share will be transferred to our Bank by the CBRT in TRY to be reflected on the customer's account.
• It is not possible to withdraw money from the account before the maturity date. In the case of withdrawal before the maturity date, the account is closed and converted to the current account.
• In case the account is closed before the maturity date;
  • If the exchange rate or gram gold buying rate announced by the CBRT at 11 am on the date the account is closed is lower than the exchange rate or gram gold buying rate at which the account was opened, the balance of the account is updated on the exchange rate or gram gold buying rate as announced by the CBRT at 11 am at the time the account was closed. Profit share returns cannot be obtained and the difference between the rates is transferred to the CBRT's corresponding TRY account to be transferred to the Treasury by the Bank. Therefore, if the account is closed before maturity, the primary currency balance could decrease, depending on the decrease in the gold and foreign exchange rate.
  • In the event that the rate announced by the Central Bank of the Republic of Turkey at 11 am on the date the account is closed is higher than the rate taken as a basis at the beginning of the maturity date, no profit share and the return of exchange rate change on the account cannot be demanded since no payment is made by the TCMB for the exchange rate change.
  • Withdrawals from the account and account closure transactions are carried out after 11:00.

*The maturity date will be determined as the first working day if it coincides with the weekend or public holidays.

**Real person resident in the country: Refers to real persons who have legal settlements in Turkey, including Turkish citizens who are workers, self-employed, and private business owners abroad.