Could you provide a brief journey of how you arrived where you are today?
My professional career began in 1987 as a sworn auditor for banks. I became the assistant general manager at Ege Bank in 1996.
In 1998, my career path took me to Albaraka Türk as an assistant general manager and in 2009 I was appointed as the general manager.
I have also chaired the Vocational Union of Participation Banks in Turkey since May 2010.
What does your role involve?
As a general manager, I am involved in the development of the Islamic finance and banking industry in the country.
What is your greatest achievement to date?
One of the important achievements in my life was when I joined the Al Baraka Banking Group (ABG).
With the support from ABG, Albaraka Türk has achieved great success and has made an immense contribution to the development of Islamic banking and finance in Turkey.
When this bank first started this business, the circumstances were not very favorable. But now, the bank has 130 branches across Turkey and a branch in Erbil, Iraq.
Which of your products/services deliver the best results?
Our corporate and retail Murabahah products through which the funds are channeled to the real economy constitute the bulk of our business volume. Also, our profit and loss participation projects have been delivering outstanding results.
What are the strengths of your business?
Albaraka Türk is the leading member of ABG, which has a wide geographical presence through its subsidiary banking units and representative offices in 13 countries with a total of over 400 branches.
Being a part of such a wide and strong global network is the strongest aspect of our business. ABG continuously supports us with its expertise in order to enhance sustainable and healthy growth.
Our attachment to the ‘no interest’ principle from the bottom up is the other strength of our business. We believe that interest-free banking is a way of life.
In the struggle to embed this philosophy at Albaraka Türk, we have a perpetual training process that involves everyone including the senior management.
The harmony and loyalty created between our customers, employees and shareholders have also been functioning as a magnet drawing the bank to success.
What are the factors contributing to the success of your company?
Loyal customers, the driven and competent staff, and our dynamic and top quality financial base.
What are the obstacles faced in running your business today?
The obstacles we face are competition, limited product range and the lack of a regulatory framework.
Where do you see the Islamic finance industry in the next five years?
By the end of 2011, the total assets of participation banks were around US$30 billion which corresponds to about 5% of the total assets of the banking sector in Turkey. I expect this rate to grow by 7% within the next five years.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see the profit and loss instrument being implemented more effectively and at a much higher rate.
Due to its complex nature on the fund utilization side, the profit and loss method of financing is not favored much.
Instead, Murabahah is widely preferred. However, we at Albaraka Turk managed to become an exemplary model in application of the profit and loss method of financing.