Planning to open more branches in other German cities, and will apply for licenses to open banks in new European countries
Kuwait Finance House-Turkey (KFH-Turkey) has received an approval from Federal Financial Supervisory Authority (BaFin) of Germany to establish a financial services branch.
Reportedly, this license will allow KFH – Turkey to introduce Shariah compliant banking services to the German banking system. The new branch aims to cover the financial requirements of a wide customer base in the German market. Additionally, KFH-Turkey plans to expand it services to other European countries.
KFH-Turkey expects that the operations in Germany will improve its strategic plans to strengthen the economic relationship between Turkey and the European Union countries on the one hand, and between these countries and the GCC on the other.