Albaraka Türk Katılım Bankası A.Ş. was founded in 1984 in Istanbul, Turkey by the Bahraini Al Baraka Banking Group and commenced its commercial activities in 1985 as Albaraka Türk Özel Finans Kurumu. It is known as the first Participation Bank in Turkey. The ownership structure is composed of 66.51% by foreign investment parties, 12.91% by local parties and 20.57% is held by IPO.[citation needed]