BANKING - Kuveyt Turk converts ATMs into gold dispensers

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)

BANKING - Kuveyt Türk benefits from Turks’ love of gold

After more than a year of work, Kuveyt Türk started offering 

gold from the ATM at its Turkish headquarters on March 22. AA photo

 

Successive Turkish governments have tried in vain to put the tons of gold ‘under the pillows’ of citizens into the financial system, but all have failed. However, participation bank Kuveyt Türk seems to have managed to convince thousands of its customers to so, and its market share in gold banking is surging. Speaking to the Hürriyet Daily News, General Manager Ufuk Uyan says the lender basically ‘filled a void’ (full story)

BANKING - Kuveyt Turk epitomizes optimism of participation banking sector

By MUSHTAK PARKER | ARAB NEWS

Published: Mar 28, 2011 00:07 

Kuveyt Turk Participation Bank (KTPB), a subsidiary of the Kuwait Finance House (KFH), one of the pioneers of global Islamic finance, is a leading Turkish participation (Islamic bank). While Turkish participation banks in general are deemed to be conservative and cautious, KTPB has set the tone by venturing abroad into Germany, Dubai, Bahrain and Kazakhstan and by pioneering new products based on physical gold and exporting them to markets in Malaysia and elsewhere through the global network of KFH. These include gold-backed exchange traded funds (ETFs), gold-backed banking accounts and sukuk. Ufuk Uyan, CEO of Kuveyt Turk Participation Bank, a doyen of Turkish Islamic banking, has been at the forefront of the expansion of KTPB, taking it to the top 10 tier of Turkish banks. Here Ufuk Uyan discusses with Arab News the state of the participation banking sector in Turkey, the performance of KTPB in 2010 and the prospects and challenges for the industry in 2011 and beyond. (full story)

BANKING - Islamic bank takes first step in selling gold from ATMs (Kuveyt Turk)

Kuveyt Türk customers will be able to buy 1-gram and 2.5-gram gold pieces from ATMs. AA photo

Turkish lender Kuveyt Türk has started selling “gold-on-the-go” from automatic teller machines, or ATMs, fulfilling a promise it made in January.

Speaking at a press conference Tuesday, İrfan Yılmaz, the deputy general manager of the lender, noted that Turkey ranks among the top gold importers. (full story)

BANKING - Islamic bank offers gold-on-the-go from ATMs

'We want to bring Turkey's existing gold to the bank,' Kuveyt Türk's İrfan Yılmaz says. AA photo