Turkish banks rush for gold

A visit to a municipal wedding hall in Istanbul nowadays would be enough to show how far Turkish banks are willing to go to get hold of the gold kept under the pillow and outside the financial system.

The wedding hall at the Umraniye district of Istanbul now sports a Golden Kiosk, installed by Kuveyt Turk, a participation bank that operates in accordance with Islamic lending rules.

Launched in May, the kiosk offers grams of gold to credit-card holders. Thus, wedding guests will no longer be able to say that they have forgotten to bring gold for the newlyweds – a traditional gift that helps support families.

The Golden Kiosk operates at four wedding halls – three of which are in Istanbul – but the format will spread soon, according to a press release from Kuveyt Turk.

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