Kuwait Turkish Participation Bank (Dubai) Limited Joins the DIFC |
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Bank to Provide Full Range of Islamic Finance Banking Services Out of DIFC
Dubai, 28 December 2009: Kuwait Turkish Participation Bank (Dubai) Limited has received a licence from the Dubai Financial Services Authority (DFSA) to provide a full range of Islamic finance banking services out of the Dubai International Financial CentreDubai International Financial Centre
(DIFCDIFC).
H.E. Ahmed Humaid Al Tayer, Governor of the Dubai International Financial CentreDubai International Financial Centre said: "Islamic Finance is one of the sectors that has been most resilient to the global financial crisis and continues to show significant growth potential. From a very early stage, Islamic Finance has been one of DIFCDIFC's focus sectors and we will continue to expand this sector within DIFCDIFC by bringing leading companies like Kuwait Turkish Participation Bank. Over the next few years, by working closely with companies in DIFCDIFC, we seek to foster the development of this sector here by actively encouraging product development and innovation."
Abdulla Mohammed Al Awar, CEO of the DIFCDIFC Authority said: "We are pleased to welcome Kuwait Turkish Participation Bank to the DIFCDIFC Community. Over the years, DIFCDIFC has developed a critical mass of Islamic institutions, which in turn has created a large pool of Islamic finance expertise. Kuwait Turkish Participation Bank's presence will contribute to enriching and deepening this pool of expertise. We look forward to supporting Kuwait Turkish Participation Bank in its efforts to grow its business in the UAE and the GCC region."
Kuwait Turkish Participation Bank (Dubai) is the first Islamic Finance institution to receive a licence that allows it to provide a comprehensive range of banking services from the financial district. The new company is 100% owned by Istanbul-based Kuwait Turkish Participation Bank, one of Turkey's first interest-free banks. The company's office in DIFCDIFC will be managed by Rahim Albayrak, Senior Executive Officer.
Kuwait Turkish Participation Bank CEO Ufuk Uyan said : "We are delighted to be part of DIFCDIFC. This will give us the opportunity to realise our aim to serving as a bridge for developing business ties between Turkey and UAE, given our capabilities both in Turkey and in the Gulf region." Uyan stated that Kuwait Turkish Participation Bank (Dubai) Limited will offer customers a full range of Islamic Banking compliant products and services. He also added that the Bank will be the the first subsidiary of the Turkey-based bank to be licensed in DIFCDIFC and the UAE.
The majority shareholder of Kuwait Turkish Participation Bank is Kuwait Finance House, one of the biggest and leading Islamic Banks in the world. Other shareholders include General Directorate of Foundations (Turkey), Public Institution for Social Security (Kuwait) and Islamic Development Bank. The Bank provides contemporary interest-free banking products and services with 130 branches in Turkey. The Bank also has a branch in Bahrain and a representative office in Kazakhstan. Kuwait Turkish was also recently awarded a financial services branch licence in Germany and is expected to start its operations as the first Islamic bank in the country.
-Ends-
About DIFC
The Dubai International Financial CentreDubai International Financial Centre (DIFCDIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just five years, over 850 firms have registered at DIFCDIFC. They operate in an open environment complemented with world-class regulations and standards. DIFCDIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
For PR inquiries on the DIFCDIFC, please contact:
Amira Abdulla
Director - Regional Public Relations
Dubai International Financial CentreDubai International Financial Centre
Tel: +971 4 362 2433
Email: amira.abdulla@difc.ae
Shaima Al Zarouni
Assistant PR Manager
Dubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae
© Press Release 2009
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