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KT Bank
- Thread starter JohnnyDoe
- Start date
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.
Maybe they are less likely to freeze an account because of their religious rules?
I just open accounts with whatever bank I find, you always need a backup
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?
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.
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.
I have not chosen it for crypto related purposes, I am just asking to those who might have direct experience.
As to crypto and Islam: Binance Awarded In-Principle Approval as a Crypto-Asset Service Provider in the Kingdom of Bahrain | Binance Support
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.
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.
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?
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.
In fact they should better try to attract new clients bringing in valued foreign currency
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.
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.)I will worship any god required to please a bank, but that is not sufficient.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.
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