en.ria.ru -Turkey's Kuveyt Turk investment fund plans to open the first Islamic
bank in Germany in October 2012, Financial Times Deutschland reported on
Wednesday.
Kuveyt Turk plans to open its first branch, following the principles
of sharia law, in Frankfurt-am-Main in cooperation with Ernst &
Young auditing company and Norton Rose law firm. (source)
Sharia prohibits a fixed or floating payment or acceptance of
specific interest or fees on loans. As for mortgages, the Islamic bank
purchases houses and then sells it to a client for a higher price.
The other branches of the bank will be opened in German cities with
large Muslim communities, particularly in Berlin. As for other European
countries, such banks are already providing their services in Britain,
the paper said.
Analysts doubt if such banking services will become popular in
Germany where the Muslim community does not exceed five percent or 4.1
million people.
Source: http://en.ria.ru/business/20120829/175497625.html - Aug 29, 2012
