Participation Accounts
What is it?
Participation accounts represent a form of banking where your savings are assessed in line with the principles of participation banking, employing a profit-loss partnership model to fund industrial, commercial, and service sectors.
Features
- Profit-sharing ratios differ based on the account type.
- Participatory accounts are available in Turkish Lira (TRY), Euro (EUR), and United States Dollar (USD) denominations, with maturities ranging from 1, 3, 6, to 12 months.
- Opening participation accounts with irregular maturities is possible, with a minimum duration of 32 days.
- Profit shares in participatory accounts are transferred to your account at the end of the specified maturity determined during account opening. Although the profit transfer amount is established at maturity's end, income tax is imposed on the gross profit in compliance with legislation.
- Withdrawals from participation accounts can be made before the maturity date, and profit shares can be obtained at maturity's end on the remaining amount. Income tax is deducted from the gross profit as stipulated by legislation.
- Currently, the process of initiating participation accounts is conducted at our branches.
- The section of participation accounts up to TRY 650,000 is secured by the Savings Deposit Insurance Fund (SDIF).
Types
- Participation Account (Daily, Monthly, 3-Month, 6-Month, Yearly, and Irregular-term accounts)
- Intermediate-term profit-sharing participation account (Monthly, 3-Month, 6-Month, Yearly)