Germany has opened its first Islamic bank representing a full range of banking services in accordance with the laws of Sharia. The Frankfurt-based bank, called KT Bank AG, is owned by Kuveyt Turk, the largest Islamic banking institution in Turkey.
Our bank is in Frankfurt am Main, Istanbul Kuwait Turkish Participation Bank Inc. a 100% subsidiary. Kuveyt Turk, has opened its first representative office in Germany in 2004. It made significant efforts in this time and introduce Islamic banking to the public awareness of ethical and social values. In 2010, the "Third Country Investment Brokerage" entered the German market with a license. Kuwait Turkish Participation Bank, in October of 2012 to get a bank license to the German Supervisory Authority [Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)] filed an application. the necessary licenses to be able to collect deposits and provide loans granted in December 2014. Thus, ...view middle of the document...
"Islamic / Muslim appropriate banking / Islamic Banking" refers to the base of the banking and financial affairs of the Islamic religion, values and the obligations of the responsibility in the sense of making accordingly.
This means that, given the money lent money at interest ( "Riba"), all kinds of jobs with gambling character ( "Mays") and investing in jobs not conform to the principles of Islam strictly avoided. Very indebted companies, weapons, tobacco, alcohol producing establishments are included in them. At the same time, non-transparent and high-risk speculation ( "Ghare") are contrary to the fundamental principles of Islam.
KT Bank AG, performs each transaction using a property or properties and evaluating clients' knowledge in the real sector contributes to the real economy. Our bank will invest your savings for industry and commerce and the return gained from this work will partner with you. "Islamic banking" in this regard "socially responsible investment" ( "Socially Responsible Investment") moves with consciousness. Sustainability, responsibility, honesty, and also complies with the principle.
Examples of credit transactions:
KT Bank AG lend money at interest money instead allows customers to finance the goods they want to buy. goods or property is at stake for it directly taken from the seller and sells to customers with a dividend calculated on an individual basis. The customer pays the invoice amount back in instalments KT Bank AG.
Investment process example:
Return on investment is based on the idea to participate in the process.
You become a partner in the loan portfolio gains to be derived from the know-how you have deposited your account to participate. Contract start you on a "participation rate" (ie 85%) belirliyouz. Obtained at the end of the contract period profit, after the deduction of expenses, according to the specified rate is shared between you and the bank. We provide in this example, you are buying 85% of the profits derived from investments. KT Bank AG is taking 15%.
Because compliance with Islamic rules, we can not promise a fixed dividend to invest your savings account you join. Still, we obtain the appropriate level of profit in the current market for our customers.