Kuveyt Turk has made significant contributions to the development of participation banking in Turkey, with its dynamic approach to corporate governance and innovative products for customers. The bank celebrated its 25th year of operations in 2014. Pursuant to authorization issued by the Central Bank of the Republic of Turkey on February 28, 1989, Kuveyt Türk Katılım Bankası A.Ş. was founded on March 31, 1989, under the business name Kuveyt Türk Evkaf Finans Kurumu A.Ş.
Strong capital structure
As of the end of 2014, Kuveyt Turk’s shareholders’ equity stood at TRY 3.2 billion, while 62.32 percent of the bank’s outstanding shares belong to Kuwait Finance House, 18.74 percent to the Turkish General Directorate of Foundations, 9.01 percent to the Kuwaiti Public Institution for Social Security, 9.01 percent to the Islamic Development Bank, and the remaining 0.92 percent to other real and legal persons. Kuveyt Turk had a paid-in capital of TRY 2.3 billion as of the end of 2014, while the bank’s consolidated assets grew by 31.3 percent in 2014 to TRY 34 billion.
308 branches and 5,082 employees
Kuveyt Turk efficiently provides clients with a vast range of financial products and services via 306 branches throughout Turkey, as well as overseas branches in Bahrain and Mannheim, Germany. As of the end of 2014, the bank had 5,082 employees.
Pioneer of sukuk issuance in Turkey
Striving to ensure the ongoing development of interest-free investment instruments in Turkey, and having launched Turkey’s first sukuk in a three-year, USD 100 million issue in 2010, Kuveyt Turk undertook two more sukuk issuances in 2014, which were oversubscribed by leading investors, further reinforcing its strong position in the sukuk market.
The leader in gold banking
Kuveyt Turk ranks first among all banks in terms of average daily volume of silver transactions. Kuveyt Turk once again demonstrated remarkable growth in gold banking, which differentiates the bank from its competition and underscores its innovative approach to financial services. Kuveyt Turk had an 11 percent market share in the overall gold banking segment in 2014 and a 52 percent share among all participation banks.
The total volume of gold in Gold Participation Accounts, a groundbreaking offering introduced to the Turkish market by Kuveyt Turk, amounted to some 22 tons. Meanwhile, “Gold Days,” a physical gold collection campaign held for the past three years, allowed the bank to channel 8 tons of gold to the Turkish economy in 2014.
Support to real economy
Thanks to its many contributions to Turkey’s real economy, Kuveyt Turk has received numerous gold, silver and bronze awards from a wide range of public agencies and trade associations, including the Undersecretariat of the Treasury, the Istanbul Chamber of Commerce and the Istanbul Textile and Apparel Exporters Association, in recognition of the bank’s achievements in helping boost exports.
Introducing groundbreaking practices
In 2014, Kuveyt Turk also expanded the XTM network, which delivers secure, interactive and innovative banking services. The bank’s XTM center offers basic branch operations, such as opening accounts, transferring money, investing in a fund and completing applications. The range of transactions it supports is expanding day by day. In the coming period, the bank aims to ensure that its XTM digital branches can deliver all the banking services now provided in a physical branch.
A financial bridge between Turkey and the world
By honing Kuwait Finance House’s extensive correspondent network and deep-seated interest-free banking experience to a competitive edge, Kuveyt Turk functions as a financial bridge for Turkish investors seeking access to the world, particularly to the Gulf region. A major contributor to the burgeoning trade between Turkey and the Gulf region through its Bahrain branch, the bank is developing international projects that will present new opportunities for investors. Efforts to establish Germany’s first interest-free bank are currently underway and it is expected to commence operations in 2015.
Source: http://www.invest.gov.tr/en-US/successstories/Pages/KuwaitTurk.aspx
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