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.





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