EmiratesSetup

Our valued sponsor

EmiratesSetup
SWISSMONEY Iban Accounts with Sepa
EmiratesSetup

KT Bank

#2
If you have a look here Glossary | KT Bank AG for the definition of gharar, you will see that they will not (with the extreme probability) be crypto friendly. Personally, I would not even ask/try.
 
#6
#7
carlo39 said:
Anyone has experience with this bank?
How to best use the account, limits, how to make compliance happy, crypto friendliness etc. Any advice is appreciated.

www.kt-bank.de

KT Bank AG – My values, my bank!

Financial products and services according to the principles of value-conscious and transparent Islamic banking: KT Bank.
www.kt-bank.de www.kt-bank.de
Click to expand...
If you think that an Islamic bank is crypto-friendly, have you overslept and for that you have to choose an Islamic bank of all places?
 
#8
Islamic banking is just regular banking with some minor twists to be Sharia compliant. The biggest difference lies in our lending and investments are done. They are generally a bit more conservative, so I'd be surprised if they are crypto friendly.

It will not make the bank any more or less likely to freeze funds, ask for supporting documents, or otherwise take their KYC/DD obligations seriously.
 
  • Like
Reactions: clemens
#9
Sols said:
Islamic banking is just regular banking with some minor twists to be Sharia compliant. The biggest difference lies in our lending and investments are done.
Click to expand...
And in supported businesses, too - it seems (no personal experience)..
 
#10
  • Like
Reactions: flashbang
#11
Application rejected before I could even go through identification:

Thank you very much for choosing our services. Unfortunately, we cannot meet your request to open a current account.

Several criteria are taken into account for opening a current account. The rejection of an application to open a current account is the result of an overall assessment. It is not based on a single criterion. We thank you for the trust you have placed in us and would like to welcome you as a customer at a later date.
 
#12
carlo39 said:
Application rejected before I could even go through identification:

Thank you very much for choosing our services. Unfortunately, we cannot meet your request to open a current account.

Several criteria are taken into account for opening a current account. The rejection of an application to open a current account is the result of an overall assessment. It is not based on a single criterion. We thank you for the trust you have placed in us and would like to welcome you as a customer at a later date.
Click to expand...
Interesting. Can you share what sort of data did they have for the decision? I mean, what you were asked in (as I presume) some application form – just a personal data like residence, nationality etc. or someting more like purpose of opening an account, why you have choosen us, etc?
 
#13
Forester said:
Interesting. Can you share what sort of data did they have for the decision? I mean, what you were asked in (as I presume) some application form – just a personal data like residence, nationality etc. or someting more like purpose of opening an account, why you have choosen us, etc?
Click to expand...
I just went through the online process. I couldn’t do the identification because the service they use is closed down for holidays until Sunday. I gave them my basic personal data, all plain vanilla. Maybe they just don’t accept clients who don’t reside in Germany or who don’t sound Muslim enough.
 
#16
lacomaco said:
What happens if their mother bank goes bankrupt? Due to the lira devaluing so fast the Turkish banking system is on very shaky foundations
Click to expand...
Deposit insurance would trigger if the bank goes belly up. From a quick glance, KT Bank seems to be a bank licensed in Germany and not just a foreign branch. That means the bank has to comply with EU/German standards on financial stability, which should shield them (to some degree) from the parent failing.

If the parent bank fails and if the German subsidiary starts going under, KT Bank in Germany would likely be sold off to another German bank or some other seller, rather than be permitted to fail.
 
  • Like
Reactions: Forester
#17
carlo39 said:
I gave them my basic personal data, all plain vanilla. Maybe they just don’t accept clients who don’t reside in Germany
Click to expand...
Well, I read somewhere here on the orum that they accept EU, Turkey and ... (some Arabic country, I do not remember) residents and their webpage seemed to confirm it; but it could have changed.

carlo39 said:
or who don’t sound Muslim enough.
Click to expand...
:) It was the reason for my question whether they asked you about your motivation, business plan etc. But as they did not, it is probably not so. (There is a lot of Muslims with completely Western names, residency and nationality nowadays.)
 
#18
Forester said:
Well, I read somewhere here on the orum that they accept EU, Turkey and ... (some Arabic country, I do not remember) residents and their webpage seemed to confirm it; but it could have changed.


:) It was the reason for my question whether they asked you about your motivation, business plan etc. But as they did not, it is probably not so. (There is a lot of Muslims with completely Western names, residency and nationality nowadays.)
Click to expand...
I will worship any god required to please a bank, but that is not sufficient.
 
  • Haha
Reactions: Forester
You must log in or register to reply here.
EmiratesSetup

Forum Announcement

Latest Threads

SWISSMONEY Iban Accounts with Sepa
The KingDom Bank
Offshore Bank Accounts
Top Bottom
Back