IslamicFinance.de

Istanbul-based participation bank Kuveyt Türk, which raised its profit by 20 percent to 300 million Turkish Liras last year, announced ambitious plans for 2014. The lender is aiming to reach 320 branches across Turkey, opening a branch in Qatar and establishing a bank in Germany in 2014. In addition to this, it is planning to issue a Malaysian ringgit- or dollar-denominated sukuk in Malaysia, according to Kuveyt Türk CEO Ufuk Uyan. The Istanbul-based bank has applied to Germany’s Federal Financial Supervisory Authority (BaFin) in order to carry out its loan and deposit operations in Germany in October. The bank has opened 47 branches within Turkey, extending the number of its branches operating domestically and abroad to 267.