Chairman, Kuwait Finance House and Kuwait Turk Mr. Hamad Abdul-Mohsin Al-Marzouq announced the launch of the first subsidiary to provide full Sharia compliant banking services in Germany effective July. This new achievement reiterates and confirms trust in KFH and its leading position in Islamic banking globally. This new achievement shall open vast scopes of business and investment in Europe’s largest economies, thus indicating that the bank is the first bank that obtains a full function license to practice deposits and credit finance facilities in Germany as per Islamic rules and regulations.
Mr. Al-Marzouq added in a press release that the German economy is the main nerve of Europe’s economy and the largest. Establishing an Islamic bank in Germany copes with and reiterates the global interest in Islamic banking in which KFH occupies the headlines. This achievement is the result of the efforts and hard work exerted by KFH in the European continent including Sukuk deals, funds, real estate and investment portfolios. Kuwait Turk had a small branch in Mannheim – Germany; this branch has succeeded in provided a large scope of sharia compliant financial services to customers.
He emphasized that the new banks shall operate under the name “KT Bank AG” which is a Kuwait-Turk wholly owned subsidiary. The new bank shall be headquartered in Frankfort. The bank shall start its operations and services effective 1st July. He reiterated that even though Muslims in Germany approximate 4 Million yet the bank shall target the whole market in order to serve the largest tier of customer including retail and wholesale customers and expand thereafter from the German market to Europe through new branches, companies and banks.
Chief Executive Officer, Kuwait Turk, Mr. Ufuk Uyan, said that the German government approval to grant Kuwait Turk the license to operate as a fully integrated bank in Germany is considered as an important initiative in the bank’s line of business and expansion plans in Europe. He indicated that Germany is full of several diversified opportunities that will contribute to the development of the bank’s business at a large scale.
Mr. Uyan added that in view of the comprehensive, modern and updated services and products portfolio of the bank we are fully confident that KT Bank AG shall be the first choice house bank in Germany in its category. He said that our goal is to expand and increase branches network in major German cities. The bank plans to execute huge investments in the coming years and build a financial products portfolio including banking services, credit and finance services to benefit from the diversified growth in German economy and potentials.