Kuveyt Turk starts operation in Frankfurt

Kuwait Turkey Bank (Kuveyt Turk) opened a branch in the German city of Frankfurt on Tuesday to be the first Islamic financial institution in the Eurozone. Hamad Al-Marzouq, Board Chairman of Kuwait Finance House (KFH), which owns the largest share in Kuveyt Turk, said he was proud to see the first Islamic bank operational in the eurozone. Kuveyt Turk seeks to encourage five million Muslims as well as non-Muslim clients in Germany to use the bank's services, he said. Kuveyt Turk was active in the German market since 2004 but was only capable of practicing partial banking operation in 2010. It was allowed to carry out full banking services in Germany last year.