Two years after opening, Germany’s only Islamic bank posts strong growth, mulls expansion
FRANKFURT - An animated video on the website of a German bank introduces the Aydin family—a popular family name of Turkish roots—looking for a bank that avoids riba and doesn’t invest in alcohol, pork, arms or gambling. The Aydins, hijab-wearing mother, father, and two young children, find their answer in KT Bank AG, Germany’s first, and only, Islamic bank.
Germany is home to one of the most competitive banking sectors in the world. The country has around 1,800 banks with nearly 35,000 branches serving an 82 million population but didn’t have an Islamic bank until KT Bank AG opened its doors in July 2015.
“Germany is a strong emerging market for Islamic banking,” Ahmet Kudsi Arslan, KT Bank AG management board chairman, told Salaam Gateway.
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Ali Bahnasawy