Turkish Bank to Open First Sharia-Bank in Germany, FTD Reports

The Turkish Bank Kuveyt Tuerk will open the first sharia compliant banking branch in Germany and is preparing documentation for the financial watchdog Bafin, Financial Times Deutschland reports, without saying where it got the information.

The bank will be headquartered in Frankfurt with branches to be opened in cities with a high density of Muslim inhabitants, FTD said.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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