During His Meeting with KFH Group Delegation
Turkish president Mr. Recep Tayyib Erdogan praised Kuwait Finance House – Turkey “KFH-Turkey” and its outstanding performance, thus rendering it as one of the most significant participation banks operating in the Turkish Market. During his meeting with the KFH Group delegation, President Erdogan expressed his sincere appreciation and gratitude for the expansion efforts which KFH is exerting inside and outside Turkey and its contributions to Turkish economy. As part of its strategy the bank’s considers reinforcing its presence in Turkey, thus availing the promising investment and banking opportunities which the country offers.
The Chairman, Kuwait Finance House and KFH-Turkey Mr. Hamad Abdul Mohsin Al-Marzouk welcomed the visit of his highness the Turkish President Recep Tayyip Erdogan to Kuwait. He stated, in a press release following his meeting with the Turkish President, in presence of KFH group delegation members including CEO Mr. Mazen Al Nahedh, CEO & Managing Director of Turkapital Mr. Fawwaz Al-Essa, Vice Chairman and CEO ALAFCO Mr. Ahmed Al Zabin and Minister of Economy Mr. Nehat Zebekaci, that KFH has presented and offered several initiatives to participate in the vital fields and basic economic sectors in Turkey. KFH-Turkey has focused on these sectors as they participate in the achievement of growth. KFH initiatives were highly appreciated and welcomed by the president. He reiterated that KFH shall concentrate on the Turkish market, consider economic growth achieved, facilities provided to solicit funds and procedures which have contributed to the construction of a strong economy, thus achieving a highly remarkable position for Turkey at the global level.
Al Marzouk reiterated that KFH-Turkey shall endeavor to develop the performance of KFH-Turkey by expanding its presence in the Turkish market bearing in mind that its branches network has covered 320 branches. He added that KFH-Turkey shall continue to offer new innovative products and services. He emphasized that KFH-Turkey’s offering of the Sukuks product has attracted the attention of all Turkish companies wishing to finance the expansion and development of their business activities internally and externally. KFH-Turkey has arranged and financed the Sovereign Sukuk Issuance transaction for the Turkish government. KFH-Turkey has succeeded in attracting several global banks to participate in financing these issuances, thus assuring confidence in the Turkish economy and its positive performance. The bank has provided several new products and services which have caused a major development in the market.
Al Marzouk indicated that KFH success story in Turkey may be attributed to the establishment of KFH-Turkey 26 years ago as an Islamic financial institution with joint Kuwaiti Turkish investments. This achievement affirms the feasibility of investment in the Turkish market and provides a solid ground for further expansion in other neighboring markets. KFH has recently obtained a license to operate a full-fledged bank in Germany which is considered as one of the largest economies in Europe. There are intentions and studies to explore new neighboring markets. He emphasized that KFH is one of the major pioneers and gulf investors in Turkey. KFH-Turkey has become one of the largest banks in Turkey and has another bank in Bahrain and in Dubai. KFH owns nearly 62% of KFH-Turk with assets volume reaching TL 40 Billion and branches exceeding 320 branches in Turkey. KFH has established an independent company (Turkapital) with a capital of USD 150 million to spearhead investments and expansions in Turkey. The company has participated in several companies in Turkey in the fields of insurance, Ijarah and real estate development companies.