KUWAIT CITY: Chairman of Kuwait Finance House (KFH) Hamad Al-Marzouq announced on Sunday that the KFH-Turkey has increased its net profit to 206 million Turkish Lira (TL) in the first half of 2015 with an increase by 17.5 percent as compared to the same period last year.
Al-Marzouq, who is also Chairman of Kuwait Finance House-Turkey (KFH-Turkey), said in a statement, on Sunday, that the bank has been operating in the participation banking sector for more than 25 years with its robust shareholding structure and strong capital base.
Al-Marzouq explained that KFH-Turkey’s total assets have reached TL 39 billion increasing by 16.6 percent and its shareholders equity has reached TL 3 billion increasing by 5.6 percent in the first half of 2015 as compared to the figures as of the end of 2014.
Its collected fund have reached TL 25 billion, increasing by 17 percent and the funds made available by KFH-Turkey have reached TL 25 billion, increasing by 20.3 percent in the same period.
He added that KFH-Turkey has taken strong steps for the sake of stable growth in the first half of 2015, indicating that one of bank’s most striking business targets to offer services through participation banking business model both in Turkey and abroad.
The bank has taken the first step toward this goal through recent opening of KT Bank AG, a hundred percent subsidiary of KFH-Turkey.
Initially, the bank has opened branch offices in Frankfurt, Berlin and Mannheim in Germany and will expand its network of branch offices into the other major German cities like Cologne, Dusseldorf/Essen and Munich soon.
Germany which is considered as a gate into Europe will be followed by other European countries with the bank’s participation banking product and services i.e. banking services, real estate services, investment portfolios, Ijara, execution of projects for its account and for the account of others and provision of retail and corporate commercial and finance services to achieve the best interest of the bank and the customer as per the international standards of service quality.
Al-Marzouq said that KFH focuses on KFH-Group concerted efforts in order to achieve growth and to prove success in line with KFH’s ambitious strategy seeking to lead global development of Islamic financial services and alleviate KFH-Group to the rank of the most profitable and trusted Islamic bank while achieving highest ranks in innovation and excellence in customer service line.
