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Sat 12 Sep 2009 10:09 PM

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Kuwait Investment House obtains German license

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.

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