ANKARA, March 20 (NNN-KUNA) -- The Islamic banking industry in Turkey maintained a robust performance in 2009 despite the global economic downturn, making profits of over USD 470 million.

The financial results of Turkey's interest-free banking show a total growth rate of nine percent compared with the figures of 2008, the Participation Banks Association of Turkey (TKBB) reported on Friday.

The volume of funds at the participation banks grew by 40 percent to USD 17.
8 billion (26.8 billion Turkish liras) on December 31, 2009, while the total assets went up by 30 percent to USD 22.4 billion (TL 33.6 billion).

The number of participation bank branches was up six percent, reaching 560 in 2009, with the banks employing 11,802 people in 2009, according to the TKBB report.

The Istanbul-based TKBB has currently four members, namely, Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans.

On Tuesday, March 9, Kuwait Turkish Participation Bank reported that its net profits surged by 22 percent to USD 83 million in 2009 over the previous year while its assets grew by 18 percent to USD 527 million.

The main objectives of the TKBB are to protect the rights and interest of participation banks within the framework of the free market economy and the principles of competition and Sharia (Islamic law); and carry out the studies and research for the enhancement and healthy functioning of the banking system. -- NNN-KUNA