Kuwait Turkish Participation Bank Inc. has been authorized by the QFC Regulatory Authority to carry on Regulated Activities as an Islamic financial institution, according to a media statement.
Kuveyt Turk is a Turkish Islamic Bank whereby it is 62 per cent owned by Kuwait Finance House (Kuwait), nine per cent by PIFSS Kuwait, nine per cent by Islamic Development Bank and 18 per cent by Turkish Awqaf. It is the first and only Turkish bank to have a presence in Qatar.
The bank expects to open its Qatar Financial Centre (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.”
Source: CPI Financial