Kuveyt Turk Subsidiary Opens For Islamic Business In Frankfurt

KT Bank is the first bank in Germany to offer a comprehensive range of financial products and services under the principles of Islamic banking.

Kuveyt Türk opened a representative office in Germany back in 2004 and received a partial banking licence in 2010. The bank applied for a full banking license from the German Federal Financial Supervisory Authority (BaFin) in 2012. The license to operate a full deposit-taking and lending business was issued in March 2015. KT Bank is thus a deposit-taking credit institution under German law and a member of the Compensation Scheme of German Banks GmbH (EDB).

A formal opening ceremony was held on 21 July 2015 in Frankfurt at KT Bank’s head office. Hamad Al-Marzouq, Board Chairman of Kuwait Finance House (KFH), parent of Kuveyt Türk, told Kuwait News Agency (KUNA), “We are proud to have this license. exercising banking in line with the Islamic Shari’ah is very important not only for the German side, which seeks to boost Germany’s financial position, but for millions of clients wishing to use banking services offered by the bank in three Germany cities.”

The bank is hoping to ‘encourage’ Germany’s population of some five million Muslims to use its services and is also seeking non-Muslim clients attracted by the ‘moral commitment’ of Islamic banking.

Originally published on www.cpifinancial.net