Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

KFH-Turkey receives Islamic bank license in Dubai  Join our daily free Newsletter

MENAFN Press - 23/11/2009

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Kuwait Finance House “ Turkey (KFH-Turkey) started its operations in the Dubai International Financial Center (DIFC) in the Gulf region, after obtaining a banking license under a new franchise, the Kuwait Turkish Participation Bank (Dubai) Ltd. Kuwait Turkish received the licence from the Dubai Financial Services Authority (DFSA), after its landmark steps included the first Islamic banking branch licence in Germany and the establishment of Kazakhstan Representative Office, where Kuwait Turkish added a new achievement in its strategy to become a global bank.

KFH-Turkey Chairman Mohammed Al-Omar said that KFH Turkey became the first bank to receive a licence under Category Five, designed for Islamic banking activities. DFSA licensed Kuwait Turkish Participation Bank (Dubai) Limited as a wholly Islamic Financial Institution to conduct Islamic Financial Services falling within prudential category 5, making it the first Category 5 entity to operate in the DIFC. This go-ahead from DFSA clearly indicated the strict commitment and expertise of KFH-Turkey in interest-free banking principles. t is to be noted that KFH-Turkey was the first ban to receive a license to operate in Germany.

Meanwhile, Ufuk Uyan, the CEO of Kuwait Turk, expressed that having the responsibility of operating in DIFC and the United Arab Emirates, they had taken a very important step towards increasing business activities between the Gulf region and Turkey in the most effective and diverse way. Ufuk Uyan stated that a new door in banking services would be open to many companies, especially Turkish companies now operating in Dubai, Qatar, Oman, Saudi Arabia, and throughout the Gulf region. The Bank would also serve as a financial consultancy and would provide intermediary services for companies in the region with a focus of investment to Turkey. He also added that KFH-Turkey, whose branching license was registered by German authorities recently, has contributed significantly to its international brand value with this new development.

The application process, which we have been undergoing for quite a while under meticulous legal procedures in Germany and Dubai, has finally reached fruition. We have been active in the region through our Bahrain Branch, which has a good performance. Therefore, we now have a new channel of financial services where we hope increase our activities in the region. We hope our performance in Dubai will enable KFH-Turkey to penetrate new global markets, with even more power and competence. He went on to say that KFH-Turkey celebrates 20 years of partnership between Kuwait and Turkey, and that the banks branches reached 130 branches in Turkey.


About Kuwait Finance House
Kuwait Finance House

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help