First Islamic Bank to Open in Germany.
Pulbished on:
Berlin, 2 April 2105(Lana) The German regulator Bafin, is to
grant a full banking license to the Turkish bank, Kuveyt Turk Bank AG
to open the first fully operational Islamic bank in Germany this
summer, German media reports.
According to the Handelsblatt newspaper, the first branch of the bank
is expected to be up and running in June, with branches planned for
Frankfurt, Cologne and Berlin. The bank also plans to expand its
services throughout Europe, according to a statement, released
yesterday.
The bank's guidelines will conform with sharia law. This means that
it will not involve itself in speculative ventures or investments,
and it cannot charge interest on loans, based on the Islamic
teaching.
=Lana=