ISTANBUL, Nov 28 (Reuters) - Kuwait Finance House’s Turkish unit Kuveyt Turk has applied for a German banking licence and aims to become the first Islamic bank in Europe’s largest economy, Chief Executive Ufuk Uyan told Reuters in an interview.
Kuveyt Turk - which issued a $350 million sukuk, or Islamic bond, last year - is awaiting a response from German financial watchdog BaFin but hopes the application process will be completed next year, Uyan said.
“We are trying to obtain a full banking license,” he told Reuters in his office in Istanbul. “We plan to open branches in Germany and if this model becomes successful we could consider going to other European countries.”
Uyan said Kuveyt Turk planned to invest initial capital of 45 million euros ($58 million) in its planned German unit.
$1 = 0.7733 euros Writing by Seda Sezer; Editing by Nick Tattersall