Frankfurt: Germany has opened its first Islamic bank representing a full range of banking services in accordance with the laws of Sharia. The Frankfurt-based bank, called KT Bank, is owned by Kuveyt Turk, the largest Islamic banking institution in Turkey. KT Bank is a subsidiary of KT Katilim Bankasi, based in Istanbul, and has been operating as a financial services company in the German city of Mannheim for five years. Earlier this year, it received its banking license from the German banking regulator BaFin.
Among 4.5 million Muslims residing in Germany, 21 percent are ready to use the services of an Islamic bank, said the Head of Kuveyt Turk Bank Kemal Ozan, referring to a poll carried out by his company. However, Kuveyt Turk noted that it focuses not only on the Muslims living in Germany, but expects to approach the entire German market. Islamic banks have already proved successful in the markets of England and France. UK houses five Islamic banks and the Islamic Bank of Britain reported a 55 percent increase in deposits of non-Muslims in 2014.
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