Manama: The Central Bank of Bahrain (CBB) has granted a license to Turkey Finans Katilim Bankasi A.S., to open a branch in Bahrain. The license allows the bank to expand its activities as wholesale bank (Islamic Principles) from Kingdom of Bahrain.
The proposed branch is expected to contribute in strengthen its relationship with the Gulf Region. Hereby it is targeted to engage with existing and potential investors; special focus will be given to Financial Institutions (local and international), Government Agencies (local & international), Corporate Customers and high net-worth individuals will be dealt selectively.
The Bahrain office wills the first branch outside Turkey. The bank is regulated by the Banking Regulation and Supervision Agency (BRSA) in Turkiye.
The bank was formally founded in 1991 by a group of entrepreneurs and then it merged with other groups under the name of “Türkiye Finans Katılım Bankası A.Ş.”. The majority of the bank 67% is owned by the National Commercial Bank (NCB) of Saudi Arabia (TDWL 1180).
“We welcome Turkey Finans Katilim Bankasi A.S. decision to choose Bahrain as a hub for reaching the Middle East Market,” Ahmed Al-Bassam, Director of Licensing and Policy, Central Bank of Bahrain (CBB), said.
“There are a historical trading and financial relationship between Arabian Gulf and Turkey due to the economic growth in those two regions. Furthermore, Turkey banks in Bahrain will support the bilateral trade and investments between the regions.”