March 22, 2015
Kuwait Turkish bank said, the bank handles Murabaha system, on Sunday, he received a license from the German Financial Supervisory Authority, enables him to provide banking services in Germany as of early July next year, which means the start of activity of Islamic banks in the country.
He explained, in a press release, it became the first bank operating Murabaha system (does not deal with riba) in Germany. and emerged as a star of the Islamic financial system, which was not affected by any of the crises that shook the traditional banking system, as a convenient alternative to provide the funds needed in Europe to finance infrastructure projects infrastructure, as well as government spending, through the issuance of sukuk or Islamic bonds. After that flourished star in Britain, Germany during the last period emerged as a rival through Islamic bonds.
He said the Turkish bank, that it will begin offering its services to its customers in the city of Frankfurt, under the name of "KT Bank AG", and offers financial products and services based foundation is an interest-based banking business, to all customers in Germany.
According to the statement, the bank plans to open a network of branches to him in German cities, and expand over time, and with an eye targets, in the forefront of providing financial products and services, which rely foundations of the banking business is an interest-based all over the world.
and grew Islamic finance, through the years the latter, by between 15% and 20%, according to a study issued by Dr. Laurent Marleri, a specialist in Islamic financial instruments. According to the study, Islamic banking has become a strong competitor to traditional banks. The World Bank estimates in the statistics issued in February 2014, Islamic banking assets in amounts ranging between one trillion and $ 1.5 trillion, and in contrast, the traditional assets of banks that have branches estimated at around 8.3 trillion dollars.
The head of the Kuwait Finance House, Hamad Abdul Mohsen Al-Marzouq, in a press statement, said that the goal of the first bank is to provide services to more than four million Muslims living in Germany, indicating that it seeks to reach all potential customers, who are interested in the quality of service and business models.
The Kuwaiti Turkish bank of banks that do not deal with riba, in Turkey, and has the Kuwait Finance House, the largest share of its shares, while the remaining shares are distributed to the General Organization for Social Insurance in Kuwait, and the Islamic Development Bank, which follows the Kingdom of Saudi Arabia, and the General Directorate of Turkish endowments .
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