The year 2023 has been marked by a focus on fighting inflation, addressing geopolitical risks, and implementing tightening policies by central banks in the global economy. Recession concerns and inflation are projected to remain on the agenda in the global economy in 2024.

In Türkiye, 2023 has been a year in which risks and expectations regarding inflation have started to be taken under control. In December, the CBRT raised the policy interest rate from 40% to 42.50%, and it was noted that the inflation data obtained in November was consistent with the CBRT inflation report. In addition, within the framework of the Medium Term Program, it is anticipated that the Turkish economy will achieve growth rates of 4% in 2024 and 4.5% in 2025.

Our Bank continues to provide long-term contribution to the economy of our country and our customers with total assets of TL 384.3 billion which increased by 80% when compared to 2022 and TL 4 billion of period income.

Our Bank has grown its balance sheet by adopting the participation banking approach, which provides effective resource procurement and tailored solutions to varying financing demands, and has continued to maintain the high quality of financing in the Funds Provided. The balance of Funds Provided increased by 79%, reaching TL 259.8 billion, and the balance of Funds Collected reached TL 304.4 billion, with an increase of 76%.

In 2023 operating year, our Bank presented its resources to the use of all sectors compatible with participation banking primarily real sector to contribute to development of the economy of the country as in previous years. In this context, actions have been taken to enrich our branch and non-branch channels in the product and service range we provide to our customers.

Ziraat Participation, with its identity as a public participation bank, is proud of being the first participation bank to step into the agricultural sector.

With the goal of growing in sustainable profitability and efficiency and a customer-oriented structuring, Ziraat Participation is committed to delivering the highest quality service to both its customers and our country.

As the first public-capital participation bank to start its operations in line with the principle of “Achieving More by Sharing”, we persistently pursue our projects, strictly adhering to our mission of disseminating participation banking.

Yours respectfully,

Ziraat Participation Board of Directors