Kuwait-Turk Best Islamic Bank in Turkey
KUWAIT: Turk won a highly distinguished and reputable prize as part of the annual prize award ceremony by Islamic Finance News (IFN) magazine for the year 2017. The bank has also received the best Islamic bank award in Turkey. These prizes come as part of many prizes awarded by highly reputable international organizations to KFH as one of the most important and leading Islamic banks operating in Turkey.
The prize was received by KFH-Turkey represented by Group Chief Finance Ahmed Saud Al-Kharji who emphasized in a press release that this prize affirms the bank’s success in the Turkish market and its large spread through its large branch base to match highest levels of e-banking worldwide. Kuwait-Turk has introduced new finance vehicles to the Turkish market namely “Sukuks” which KuwaitTurk has become one of the leading issuers thereof in Turkey. This product has received great interest from companies wishing to obtain finance to develop their business and achieve expansion in light of a major development and growth in the marsh of Turkish economy in general. Islamic Finance News magazine (IFN) honors the best financial and banking institutions operating in the Islamic finance sector. It is one of the most prestigious awards in the global Islamic finance arena.
Special committee
IFH Group has selected KFH for this award based on the recommendations made by a special committee comprising Islamic banking experts and analysts worldwide. Evaluation was made based on a set of basic elements and financial indicators for the best Islamic deals and institutions during 2017.
Islamic Finance News (IFN) group manages Islamic banking and finance prizes and publishes Islamic banking news worldwide. The magazine was established in 2004 as a subsidiary of “Red Money” International and has branches in Dubai and Kuala Lumpur .
Kuwait-Turk has succeeded over the last 30 years in building a large customers base and introduce an integrated array of services and products, thus taking the lead position in the Turkish market and one of the fastest growing banks therein. The bank aims to be one of the largest 10 banks in Turkey in the near future.
Kuwait-Turk made significant and remarkable contributions in financing minor and medium enterprises and industries. It has supported growth efforts and Turkish economy mechanisms and expanded its market share by fulfilling the needs of traders and businessmen, thus aiming to fulfil real economy needs and focus on core business activities.
Kuwait-Turk has expanded its activities to include the use of modern technology in its banking products and services and provide alternative distribution channels. These modern e-banking services have achieved major success as customers have expressed their extreme admiration and interest in these various modern e-banking services e.g. XTM machines which provide full branch and ATM services without the need for any human involvement. Also, the bank enjoys high ratings assigned by highly reputable global rating agencies.
Leading position
The bank aims to maintain its leading position which it has achieved in Islamic banking following three decades since inception. The bank aims to focus on banking operations, develop innovative services and products and continue international expansion efforts which were crowned by the inauguration of a fully integrated branch in Germany to provide a full series of Islamic financial services in one of the largest European markets. This step would qualify the bank to be a hub for Islamic banking in Europe, enhance Kuwait-Turk spread in neighboring countries, and develop cooperation and partnership relations with several economic and commercial activities in Turkey and GCC through the finance of major export business and projects.