Turkey-based Islamic bank Kuveyt Turk is to
offer gold on the go via its ATM network.
The metal is an important commodity in Turkey,
where it is used as an investment or a present at festive
events such as weddings and birthdays.
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The bank offers gold deposit accounts, from
which customers will be able to withdraw gold coins weighing 1 to
2.5g via the bank’s ATM machines across Turkey, or buy gold using
cash or a credit card.
One gram of gold currently trades at TRY69.85
($44.25) in Turkey.
It will earn the bank a commission of 1%
to 2%.
The executive vice president for retail
banking, Irfan Yilmaz, said that this service will
be convenient for customers.
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By GlobalDataKuveyt Turk, which is owned by Kuwait Finance
House, has less than a 1% market share in Turkey by assets –
but holds a 20% market share of gold products in the country.
Yilmaz said that the bank also wants to
attract customers who will deposit their gold with the bank as
there are still many families who keep their gold at home, “under
mattresses”.
Last year, a German company Ex Oriente Lux
launched gold-to-go ATM machines across Germany, Spain, UAE, US and
Italy.
