Kuveyt Turk, the Turkey-based Islamic lender majority-owned by Kuwait Finance House, is to convert its total ATM network into gold-dispensing machines.
The announcement comes five months after Kuveyt Turk commenced offering gold coins via ATMs, offering gold deposit accounts from which customers are able to withdraw gold coins weighing 1 to 2.5g via the bank’s ATM network, or buy gold using cash or a credit card. It will earn the bank a commission of 1% to 2%. (source)
The metal is an important commodity in Turkey, where it is used as an investment or a present at festive events such as weddings and birthdays.
The bank is deploying Wincor Nixdorf to convert the remaining ATMs of its 180-units strong network into gold dispensing machines by the end of 2011.
