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Kuveyt Türk Participation Bank has been licensed by the Federal Financial Supervisory Authority (BaFin) to offer banking services in Germany. Thus, the first bank based on an interest-free Islamic business model is licensed in Germany.

Kuveyt Türk has obtained its license from the Federal Financial Supervisory Authority (BaFin) to provide fully-fledged banking services in Germany according to the interest-free Islamic banking principles. Kuveyt Türk is the first Islamic bank that has been fully licensed to operate its deposit and debt business in Germany. With this license, Kuveyt Türk is the pioneer that introduces the Islamic banking model in Germany.

KT Bank AG with headquarters in Frankfurt am Main and as a 100 percent subsidiary of Kuveyt Türk Participation Bank, will start to offer its reliable, high-quality, fast and user-friendly services from July 01, 2015 onwards. KT Bank AG will provide its private and commercial clients with products and services according to interest-free Islamic banking principles.

“KT Bank AG is an ethical, innovative and socially responsible bank”

Kuveyt Türk’s major shareholder Kuwait Finance House’s Chairman Hamad Abdulmohsen Al-Marzouq said: “We support KT Bank AG in its mission to become the leading ethical, innovative and socially responsible Islamic bank”. Al-Marzouq further announced that the more than 4 million Muslims living in Germany are the prioritized target group, among all other potential business and retail clients who are interested in service quality and alternative business models.

Stating that they continue to grow in domestic and overseas markets as a company offering international banking services, the CEO of Kuveyt Türk Participation Bank A.?. Ufuk Uyan said: “The Islamic banking market grows globally. We consider it as an important initiative and great innovation that an Islamic bank such as KT Bank AG has been licensed in Germany. We, who are well aware of the need for socially responsible banks, think that a huge market potential exists in Germany due to the outstanding international growth performance of the Islamic banking sector. With a comprehensive, regularly updated product and service portfolio consistent with our value system, we are confident that the KT Bank AG will be the first choice house bank in Germany in its category.”

KT Bank AG aims to enlarge its branch network

KT Bank’s management is jointly led by Kemal Ozan and Torsten Lüttich who have long-lasting banking experience and expertise in Turkey and in Germany.

Stating that they have performed the regulatory requirements by obtaining the full-scale banking license in Germany, Kemal Ozan, the CEO of KT Bank AG, said “We are planning to make huge investments in the upcoming years. In this respect, we are aiming at building a portfolio of financial products consistent with the Islamic banking principles, enlarging our network of branch offices and reaching our clients through innovative and high-tech service channels.”

Following the obtaining of the license, KT Bank AG will now start its initiative to extend its network of branch offices into major cities of Germany. The first piority of the bank is to offer a full-range product and services portfolio that reflects the universal Islamic banking principles.

Note to Editor:

Kuveyt Türk
Kuveyt Türk Participation Bank A.?. is leading the Islamic banking market in Turkey for more than 26 years. Kuveyt Türk’s shareholders include the Kuwait Finance House, the most important finance house in the Gulf region (62 percent) and the Turkish General Directorate of Foundations (18 percent). Due to its high popularity of products and services, its activities on an international level, the use of sophisticated information technology and sustainable growth figures, Kuveyt Türk has maintained its leading position among the participation banks since the beginning. Kuveyt Türk offers tailor-made financial solutions with its innovative products and services in international banking, retail banking, mobile banking, Internet banking, gold products-based banking and in SME banking areas. Kuveyt Türk Participation Bank operates its 321 branches throughout Turkey as well as a branch office in Bahrain and a subsidiary in Dubai. Kuveyt Türk Participation Bank has currently about 5,200 employees.

KT Bank AG
KT Bank is the first Islamic bank in Germany. Headquartered in Frankfurt am Main, the bank will launch its activities in Mannheim, Frankfurt and Berlin. KT Bank AG has been established as a 100 percent subsidiary of Kuveyt Türk Participation Bank A.?. headquartered in Istanbul. The market entry started with opening a representation office in Germany in 2004 followed by the third country deposit brokerage license in 2010 and resulted in the fully-fledged banking license in 2015. Kuveyt Türk Participation Bank A.?. has assumed a pioneering role in providing information about the ethical and socially responsible Islamic banking system in the German market.