UPDATE 1-Kuveyt Turk aims to be Germany's first Islamic bank-CEO

Kuveyt Turk has made an application for a a German banking licence. According to its Chief Executive - Ufuk Uyan - it thus aims to become the first Islamic bank in Germany. The company is now waiting for a response from German financial watchdog BaFin. Kuveyt Turk's plans include opening a number of branches in Germany and probably in other European countries later. Moreover, it is decided upon an initial capital investment worth 45 million euros ($58 million) in the planned German unit.