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First Turkish Islamic bank to open in Qatar

Kuwait Turkish Participation Bank Inc. has been granted a licence by the Qatar Financial Centre Authority, with effect from 15 September 2013, to establish a branch in the Qatar Financial Centre.

Kuwait Turkish Participation Bank Inc. Qatar Financial Centre Branch has been authorised by the QFC Regulatory Authority to carry on Regulated Activities as an Islamic financial institution, according to a media statement.

Kuveyt Turk is a Turkish Islamic Bank 62 per cent owned by Kuwait Finance House Kuwait, nine per cent by PIFSS Kuwait, nine per cent by Islamic Development Bank Saudi Arabia and 18 per cent by Turkish Awqaf. It is the first and only Turkish Bank to have a presence in Qatar.

The bank expects to open its QFC branch in about two months. It is licensed to undertake: Deposit Taking; Providing Islamic Credit Facilities (including Letters of Credit & Letter of Guarantee Business): Arranging Islamic Credit Facilities (including Letter of Credit & Letter of Guarantee Business): Dealing in Islamic Investments (as both Principal and Agent); and Managing Islamic Investments (restricted to Profit and Loss Sharing Investments Accounts).

Cetin Yurttaser, Gulf Regional Head of Kuveyt Turk and SEO of Kuwait Turkish Participation Bank Inc., QFC Branch, said, “Qatar is an important market for a leading Islamic institution such as Kuveyt Turk. The Qatar Financial Centre offers us the legal, regulatory and tax environment in which we can expand our business and meet our customers’ needs. Being licensed to operate here is a significant step forward for our business.”