Fast-growing Islamic institution becomes first Turkish bank to open in Qatar.
Kuwait Turkish Participation Bank Inc. has been granted a license by the Qatar Financial Centre Authority , with effect from 15 September 2013, to establish a branch in the Qatar Financial Centre. Furthermore, Kuwait Turkish Participation Bank Inc. Qatar Financial Centre Branch has been authorized by the QFC Regulatory Authority to carry on Regulated Activities as an (Islamic financial institution).
Kuveyt Turk is a Turkish Islamic Bank 62% owned by Kuwait Finance House Kuwait, 9% by PIFSS Kuwait, 9% by Islamic Development Bank Saudi Arabia and 18 % by Turkish Awqaf. It is the first and only Turkish Bank to have a presence in Qatar.
The bank expects to open its QFC branch in about two months. It is licensed to undertake: Deposit Taking; Providing Islamic Credit Facilities (including Letters of Credit & Letter of Guarantee Business): Arranging Islamic Credit Facilities (including Letter of Credit & Letter of Guarantee Business): Dealing in Islamic Investments (as both Principal and Agent); and Managing Islamic Investments (restricted to Profit and Loss Sharing Investments Accounts).
Cetin Yurttaser, Gulf Regional Head of Kuveyt Turk and SEO of Kuwait Turkish Participation Bank Inc., QFC Branch, said: “Qatar is an important market for a leading Islamic institution such as Kuveyt Turk. The Qatar Financial Centre offers us the legal, regulatory and tax environment in which we can expand our business and meet our customers’ needs. Being licensed to operate here is a significant step forward for our business.”
About Kuwait Turkish Participation Bank, Turkey
Kuveyt Turk is a full service bank which as been operating for 24 years, primarily in Turkey. The bank’s business is undertaken in compliance with the principles of interest free banking, known as participation banking in Turkey.
Kuwait Turk’s core business segments are:
- Retail Banking
- Corporate and Commercial Banking
- International, Investment and Corporate Banking and Treasury Services.
The bank is a leading participation bank in Turkey with innovative products and services. Providing its clients with a full range of gold products from Gold ETFs to gold dispensing ATMs, it has played a key role in the development of gold banking in Turkey.
Kuveyt Turk operates through a network of more than 250 domestic branches and 10 regional offices across Turkey. In addition to its head office and branches in Istanbul and Anatolia, Kuveyt Turk provides banking services to international customers through its wholesale banking branch in Kingdom of Bahrain and through its subsidiary incorporated in the Dubai International Financial Centre in the UAE. The bank also provides services to its international customers through a financial services branch in Mannheim, Germany. The bank has 4,305 employees currently.
Kuveyt Turk is the fastest growing bank in the Turkish banking sector with an average annual growth rate of 38% in terms of asset size since 2005. As a leading participation bank in Turkey, Kuveyt Turk enjoys a market share of 26.6% in the participation bank sector as measured by asset size in the first half of 2013.
Contact:
Kuwait Turkish Participation Bank Inc., QFC Branch
Cetin Yurttaser
Gulf Regional Head and SEO of Kuwait Turkish Participation Bank Inc.,
QFC Branch
Tel: +973 39473771
cetin@kuveytturk.com.bh
*This article was published by Zawya.com. Read the original article here.