DOHA: Kuwait Turkish Participation Bank Inc has been granted a licence by the Qatar Financial Centre (QFC) Authority, with effect from September 15 2013, to establish a branch in the QFC. Furthermore, the bank’s QFC branch has been authorised by the QFC Regulatory Authority to carry on regulated activities as an Islamic financial institution.
The bank is a Turkish Islamic bank with 62 percent owned by Kuwait Finance House, Kuwait, 9 percent by PIFSS, Kuwait, 9 percent by Islamic Development Bank, Saudi Arabia, and 18 percent 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 licenced to undertake deposit taking; providing and arranging Islamic credit facilities dealing in Islamic investments and managing Islamic investments.
Cetin Yurttaser, SEO of Kuwait Turkish Participation Bank Inc, QFC Branch, said: “Qatar is an important market for us. 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.”