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Kuwait Turk Bank acts as Islamic financial institution in Germany
(MENAFN- Kuwait News Agency (KUNA)) The Kuwait Turk Bank (Kuveyt Turk) is set to become the first-ever Islamic financial institution in Germany as of next July as a first step intended at offering Sharia-compliant retail banking services.
The bank, which has recently got the license from German competent authorities, will operate in the cities of Frankfurt, Berlin and Mannheim.
The bank, which operates under guidelines that conform to Islamic Sharia (law), already has a branch operating in Mannheim. But the regulator's approval would allow it to work as a fully operational bank.
As for success opportunities, the bank's Managing Director Kemal Ozan told KUNA: "We want to show that the banks can make profits on the one hand and abide by ethical values on the other hand".
He added that the bank seeks to attract Muslims and non-Muslims in the country, noting that the size of economic trade between Germany and the Gulf Cooperation Council (GCC) countries would boost opportunities to help bank make profits.
The bank intends to open up to 10 branches in Germany within 2015, he made clear.
The bank set up a financial service branch in Germany in 2010 and applied for a full banking license last March. The Kuwait Finance House (KFH) owns a 62 percent stake in the bank.
The bank, which has recently got the license from German competent authorities, will operate in the cities of Frankfurt, Berlin and Mannheim.
The bank, which operates under guidelines that conform to Islamic Sharia (law), already has a branch operating in Mannheim. But the regulator's approval would allow it to work as a fully operational bank.
As for success opportunities, the bank's Managing Director Kemal Ozan told KUNA: "We want to show that the banks can make profits on the one hand and abide by ethical values on the other hand".
He added that the bank seeks to attract Muslims and non-Muslims in the country, noting that the size of economic trade between Germany and the Gulf Cooperation Council (GCC) countries would boost opportunities to help bank make profits.
The bank intends to open up to 10 branches in Germany within 2015, he made clear.
The bank set up a financial service branch in Germany in 2010 and applied for a full banking license last March. The Kuwait Finance House (KFH) owns a 62 percent stake in the bank.
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