The Association is a professional public institution that has been established as per the previous Banking Law no. 4389 in 2002. According to the Banking Law No.5411 put into practice in November 2005, “Special Finance Houses” has been transformed into “Participation Banks”, gaining the “bank” statute. The current statute of Association as well, has been regulated with the article 81 of Banking Law No.5411, and publicly announced via the Official Circular in February 28, 2006. According to the banking law in question, to be a member of the association is a must for participation banks. The Association has currently 5 members the name of whom are Albaraka Türk, Bank Asya, Kuveyt Türk, Türkiye Finans and Ziraat Katilim. The head office of the association is being located in Istanbul without any branches yet.