The Kuwait Finance House-Turkey has been permitted as an Islamic bank in Dubai, following similar licences from Germany and Kazakhstan.
The move will surely shore up the bank’s efforts to expand its activities to cover new markets, and to prop up its position as an Islamic bank.
It is the first licence of its kind given to an Islamic bank according to the Fifth Category that allows the provision of multilateral services compliant with the Islamic Sharia, Mohammad Al-Omar, the bank board chairman, said in news remarks.
The bank was the first Islamic financial institution to get such a licence in Germany, he boasted.
The Dubai licence shows much confidence in the bank’s ability to build an economic partnership, he said.
For his part, the bank’s general manager Ofuk Iwan said by being permitted to work in Dubai, the bank has achieved a significant jump in efforts for operating in the Gulf market through presence in key financial centers.
He added that the bank would offer financial consulting, brokerage and finance services, while focusing on the development of Turkish-Gulf joint investments.
source : kuna