BERLIN, August 29 (RIA Novosti)
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.
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.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: Life of the First Man in Space in Pictures
Infographics: History of the Paralympic Games
We have witnessed the total defeat of western Ukraine, Western nationalists and the West in general, which made the unfortunate decision to support the anti-government activity. They failed to realize that the collapse of Yanukovych means the collapse of Ukrainian unity. They set fire to their own home and planted a time bomb under Ukraine’s territorial integrity.