Kuveyt Türk eyes German expansion

ISTANBUL

Hürriyet photo

Istanbul-based participation bank Kuveyt Türk has applied for a license from Germany’s regulator Bafin to be active in the loans and deposits market in Germany in a move that is the first step to bringing “interest-free banking” to Germany. The bank will provide financial support to small, medium-sized and large businesses in Germany just as it currently does in Turkey, Kuveyt Türk General Manager Ufuk Uyan said in a press release.

By branching out to Germany, Kuveyt Türk is hoping to form a financial bridge between Germany, Turkey and the Gulf countries as well as bringing its know-how to the Germany banking industry, he said.
Kuveyt Türk currently has 223 branches in Turkey and abroad.

Bank praises Turkey

Meanwhile, President Ahmad Mohamed Ali of the Islamic Development Bank has said they were proud of Turkey’s rapid development and economic initiatives.

Turkey is one of the strongest members of the Bank, Ali told Anatolia news agency yesterday.
Turkey, which undertook a strong role in the foundation of the Islamic Development Bank since its very beginning, holds the biggest share in the Bank, said Ali.

He noted that the Standing Committee for Economic & Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) set up a new strategy in its last meeting which was chaired by Turkish President Abdullah Gül.

The Islamic Development Bank is very pleased with the new strategy, Ali said.

“Turkey is acting very well. Turkey is rapidly growing, while its neighboring countries are having economic problems. This growth is very important for the interest of both Turkey and other Islamic countries. We are proud of Turkey’s rapid development,” said Ali.