Shortly after 11:30 a.m. last Thursday, Kemal Ozan finally held the letter he had worked to get for almost two and a half years.
Mr. Ozan is managing director of Kuveyt Türk Bank, or KT Bank. His letter was from Germany’s German Federal Financial Supervisory Authority, a license to operate KT Bank in Germany – the first Islamic financial institution to get a full banking license in the euro zone.
“This is an historic moment,” said Mr. Ozan, his voice shaking. Then it suddenly hit him: He had forgotten to call his bosses in Istanbul in his excitement. “Our supervisory board members don’t even know yet.”