Germany opens first Islamic bank –
December 31, 2009 – 11:17 pm
Division “Kuwait-Turkish Bank (Turkey) will open in early 2010 in the German city of Mannheim, said the representative of the bank, located in Istanbul.
Branch will be open until the end of March in the city of Mannheim – industrial center, where a large Turkish community. With time division expects to receive full banking license in Germany.
A representative of the Kuwaiti-Turkish bank also reported that the financial institution intends to open several branches in different cities of Germany and other European countries.
Some German retail banks offer banking advice to the Turkish language, but so far there are no banking facilities, providing services based on Shariah.
According to official figures, the Muslim community is 5% of the 80 million population of the country.
Islamic organization, the Central Council of Muslims said that according to its information, three-quarters of the community adhere to Islamic traditions, at least one fifth of its interest in Islamic investing.
The Council believes that German banks will sooner or later realize the relevance of domestic demand for Islamic financial services which usually are certified by agencies working under the supervision of Islamic scholars who control that their activities are Shariah.
Islamic licensing authorities to monitor the moral aspect of investing Muslims by providing them with protection from investments in gambling, pornography and other illegal activities Sharia and risky ventures.
The largest bank of Germany Deutsche Bank led the Islamic investment division DWS Noor Islamic Funds, which operates in the Middle East and in North Africa, said “Islam is for all. Islamic bonds, sukuk have allowed the German state of Saxony-Anhalt, which released them in 2004, earning 100 million euros.
