Bank Kuveyt Türk, based in Instanbul, plans to set up the first Islamic bank in Germany next year to tap into a potential market of more than four million Muslims.

An official at the German branch of Kuveyt Türk, majority-owned by Kuwait Finance House, said on Monday the bank was preparing its application for official approval.

"We haven't issued a statement on that because we're not in a position to while the licence is being worked on. We will release a statement only when we get the licence," said the official.

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