Kuwait – Mubasher: Kuwait Finance House (KFH) said its subsidiary Kuwait Turkey Bank (Kuveyt Türk) opened a branch in Frankfurt on Tuesday to be the first Islamic financial institution in the Eurozone.

"Exercising banking in the line with Islamic sharia is very important not only for the German side, which seeks to boost Germany's financial position, but for numerous clients wishing to use banking services offered by the bank in three Germany cities" said  KFH Board Chairman Hamad Al-Marzouq.

Kuveyt Türk (KT) applied for a full banking license from the German Federal Financial Supervisory Authority (BaFin) in 2012. The license to operate a full deposit-taking and lending business was issued in March 2015.

KT Bank is thus a deposit-taking credit institution under German law and a member of the Compensation Scheme of German Banks GmbH (EDB).