Kuwait Finance House’s Turkish operation, Kuveyt Turk, has applied for a German banking licence and aims to become the first Shariah-compliant bank in Germany.
The bank says that if their German venture is successful, they will expand to other European countries.
Note that the bank aims to pursue non-Muslim depositors in Germany…
Kuveyt Turk aims to tap demand from the roughly 4 million people in Europe’s second-largest Muslim community, many of them of Turkish origin. But it also sees potential demand among non-Muslims who distrust conventional banking after the global financial crisis.