Kuveyt Turk, the Turkey-based Islamic lender
majority-owned by Kuwait Finance House, is to convert its total ATM
network into gold-dispensing machines.
The announcement comes five months after
Kuveyt Turk commenced offering gold coins via ATMs, offering
gold deposit accounts from which customers are able to withdraw
gold coins weighing 1 to 2.5g via the bank’s ATM network, or buy
gold using cash or a credit card. It will earn the bank a
commission of 1% to 2%.
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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.
The bank is deploying Wincor Nixdorf to
convert the remaining ATMs of its 180-units strong network into
gold dispensing machines by the end of 2011.
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