Hayat Finans Mobile

Türkiye's First Digital Bank

What is it?

Participation bank is a banking model that operates in line with interest-free principles, realizes all kinds of activities that are also in line with these principles, and allows for using funds with commerce, partnership, and financial leasing methods by raising funds based on the profit and loss principle. The word “participation” used in the names of banks indicates that the banking type practiced is based on the principle of profit and loss participation.

How Does It Work?

These banks share the incurred profit and loss with savers by utilizing the funds collected from savers in trade and industry within the scope of interest-free principles. The funds collected in participation accounts in TL, USD, and EUR are utilized with corporate financing support, personal financing, financial leasing, and profit and loss partnership methods. The procurement of raw materials, semi-finished products, or finished products that trade and industry need is ensured through these methods. These banks do not employ high-risk and speculative transactions that involve interests and uncertainty in all types of banking transactions. Banking transactions regarding topics that are harmful to society such as alcoholic beverages, gambling, firearms, and tobacco products cannot be made. The purpose of the existence and golden rule of Participation Banks is the “Interest-Free Principle”. The aim of the “Interest-Free Principle” is to collect funds in line with the profit and loss participation principle and allow for using funds by buying the good that the customer needs from the seller in advance and selling it on maturity to that customer and by also using leasing, partnership, etc. methods.

Advisory Committee Members

Dr. Mustafa DERECI 

Chairman of the Advisory Committee

Mustafa Dereci, who completed his undergraduate education at Boğaziçi University Faculty of Economics and Administrative Sciences, began his professional career at Kuveyt Türk Katılım Bankası in 1993, working in the Foreign Transactions Department. In 2010, he continued his role at Kuveyt Türk Katılım Bankası as the Group Manager for Individual and Business Banking Marketing and Product Development. In 2011, he completed his master's degree at Fatih University Social Sciences Institute in the Department of Business Administration. Between 2008 and 2018, he served as a Member of the Board of Directors and the Audit Committee at Autoland Fleet Leasing Inc. and between 2010 and 2018, he held the position of a Member of the Board of Directors and Chairman of the Premium Refund Committee at Neova Insurance Inc. While continuing his position as the Group Manager for Individual and Business Banking Product Development at Kuveyt Türk Katılım Bankası between 2015 and 2018, he also graduated from Istanbul University Faculty of Theology in 2017. Between 2018-2021, he continued his duty as Administrative Services Group Manager at Kuveyt Türk Katılım Bankası A.Ş.  In 2018, he completed his doctoral studies at Sabahattin Zaim University, Department of Islamic Economics and International Finance. Mustafa Dereci, who is the Chairman of the Advisory Committee at ISFA Islamic Finance Consultancy, is married and a father of three children.

Dr. Mehmet Yuşa Özmen 

Deputy Chairman of the Advisory Committee

Mehmet Yuşa Özmen was born in Gaziantep. He graduated from Istanbul University Faculty of Theology. He completed his master's degree, which he started at Necmettin Erbakan University, with his thesis titled "Disapproved Sale Contracts in Islamic Law." He also completed his doctorate, which he started at Marmara University, with his thesis titled "The Concept of Debt Right in Islamic Law." In addition to his university education, he has received training in various academic institutions on fundamental Islamic sciences. He worked at the Presidency of Religious Affairs and studied at the Konya Selçuk Religious High Specialization Center of the Presidency of Religious Affairs between 2013-2015. Between 2015-2018, he worked as a Research Assistant at Marmara University Faculty of Theology. Between 2018-2023, he served as an expert/senior expert in the Advisory Board of the Participation Banks Association of Turkey. In 2023, he started to work as a faculty member at Marmara University Institute of Islamic Economics and Finance.

Prof. Dr. Ahmet TABAKOĞLU 

Member of the Advisory Committee

Having completed his undergraduate education at Istanbul University Faculty of Economics (1975) and Istanbul Higher Islamic Institute (1976), Ahmet Tabakoğlu completed his doctorate at Istanbul University Faculty of Economics between 1976 and 1981. He worked as a lecturer at Marmara University Faculty of Economics and Administrative Sciences between 1981-1982, as an assistant professor between 1982-1986, as an associate professor between 1986-1993 and became a professor in 1993. Serving as Deputy Director / Director of Marmara University Middle East and Islamic Countries Economic Research Center, Director of Marmara University Middle East and Islamic Countries Research Institute, Head of Marmara University Department of Economics and Istanbul Metropolitan Municipality Istanbul Research Center Working Committee, Ahmet Tabakoğlu retired from Marmara University, Faculty of Economics, Department of Economics in 2019. Tabakoğlu, who is currently the Head of the Department of Islamic Economics and Finance at Sabahattin Zaim University, Faculty of Business and Management Sciences, is the recipient of the National Cultural Foundation of Turkey (l979), Writers' Union of Turkey (l985), National Cultural Foundation of Turkey (l986), Marmara University 129th Year Honor (2012), Sabahattin Zaim Islam & Economics (2012) and Writers' Union of Turkey Outstanding Service (2016) awards. He is a Full Member of the Turkish Academy of Sciences (TÜBA) (2012) and Honorary Member of Atatürk Cultural Center (2015). Some of the works of Ahmet Tabakoğlu, who has authored many accomplished works; Ottoman Finance Entering the Regression Period (1985), Islam and Economic Life (1988, 2020), Economic History of Turkey (1986, 2021), Ottoman Financial History (2016, 2020), Introduction to Islamic Economics (1979, 2021) and Ottoman Period Istanbul Water History (2017)

Our Bank conducts its activities in accordance with interest-free banking principles and standards. Please click here for more information on the principles, standards, and general decisions taken by the Advisory Board of the Participation Banks Association of Turkey (PBAT) concerning interest-free banking principles and standards.

The annual report of our Bank includes information on the activities of the Advisory Committee during the year and evaluations regarding the compliance of the Bank's activities with interest-free banking principles and standards. The Advisory Committee reviews the subjects raised at the Advisory Committee meetings throughout the year, analyzes them in terms of interest-free banking principles and standards, and conducts the required efforts to take decisions and express opinions so that our Bank can carry out its activities in accordance with the interest-free banking principles and standards.

Our Bank conducts transactions regarding assets, liabilities, income and expenses that are not in compliance with interest-free banking principles and standards, pursuant to the principles and standards, general decisions and guidelines determined by the Advisory Board of the Participation Banks Association of Turkey (PBAT) on interest-free banking principles and standards. Click here to get more detailed information on the principles and standards set by the Advisory Board, the general decisions taken and the guidelines.

Participation Banking Permission Documents

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