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

MENAFN Press - 23/11/2009

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(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.

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