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Kuveyt Turk to open branches in Germany

48The Kuwait Turk Bank (Kuveyt Turk) will be the first ever Islamic financial institution in Germany. It will start functioning from July and offer Sharia compliant retail banking services. The bank, which received a license from the German regulator, will operate from Frankfurt, Berlin and Mannheim. The bank already has a set-up in Mannheim, but the regulatory approval will enable it to become a fully operational bank in Germany. The bank intends to open as many as 10 branches in Germany by the end of 2015. It started functioning in the country as a financial service branch and applied for full license in March. The Kuwait Finance House owns 62% stake in the bank.

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