By Martin Morris
Investment firm’s Turkish unit set to open financial services branch in Mannheim.
Kuwait Investment House CEO, Mohammad Al-Omar, confirmed on Saturday that the investment firm’s Turkish unit has been given the go ahead by Germany's Federal Financial Supervisory Authority (BaFin) to establish and operate a financial services branch in Mannheim.The license will allow KFH-Turkey to introduce Sharia-compliant banking services.
The new branch will cater to the needs of a wide customer base in the German market, given the growing demand there for Islamic services and products, Al-Omar said.
He added that KFH-Turkey intended opening more branches in other German cities, and would apply for licenses to open banks in other European countries.
KFH-Turkey, which currently has a 113 branch network offering banking, commercial, and investment services in various Turkish town and cities, intends to expand its network to 125 branches.