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Kuwait Turkish Participation Bank Gets Licence to Operate at DIFC
DUBAI — Dubai Financial Services Authority (DFSA) has granted a licence to Kuwait Turkish Participation Bank, one of the oldest Islamic banks in Turkey, to provide a full range of Islamic finance banking services out of Dubai International Financial Centre.
The new entity, Kuwait Turkish Participation Bank (Dubai), is the first Islamic finance institution to receive a licence that allows it to provide a comprehensive range of banking services from the financial district. It is also the first subsidiary of the Turkey-based bank to be licensed in DIFC and the UAE. The Turkish bank, which is majority owned by Kuwait Finance House, is the second bank to get DFSA approval to operate from DIFC this month. Last week, Scotiabank became the first Canadian bank to operate from the Dubai’s onshore global finance when ScotiaMocatta, the bank’s precious metals division, opened its branch.
The new company is 100 per cent owned by Istanbul-based Kuwait Turkish Participation Bank in which KFH owns a 62 per cent stake of the bank worth $ 150 million, while Kuwait’s government-owned Public Institution for Social Security owns nine percent, with the rest belonging to Turkish investors. The bank oeprates 130 branches in Turkey.
The company’s office in DIFC will be managed by Rahim Albayrak, senior executive officer.
“From a very early stage, Islamic Finance has been one of DIFC’s focus sectors and we will continue to expand this sector within DIFC by bringing leading companies like Kuwait Turkish Participation Bank,” said Ahmed Humaid Al Tayer, Governor of DIFC.
Islamic finance is one of the sectors that has been most resilient to the global financial crisis and continues to show significant growth potential, he said. “ Over the next few years, by working closely with companies in DIFC, we seek to foster the development of this sector here by actively encouraging product development and innovation.”
Over the years, DIFC has developed a critical mass of Islamic institutions, which in turn has created a large pool of Islamic finance expertise, said Abdulla Mohammed Al Awar, chief executive of the DIFC Authority. “We look forward to supporting Kuwait Turkish Participation Bank in its efforts to grow its business in the UAE and the GCC region.”
The opening of the bank at DIFC will give Kuwait Turkish Participation Bank an opportunity to help develop business ties between Turkey and the UAE, said the bank’s CEO Ufuk Uyan.
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