Opportunities will increase for German Muslims to invest their money in a “halal” way. So far, Islamic banking is not available in Germany, although well established in the UK, where there is a smaller Muslim population. Now the banking supervision Bakin recently organized a conference on Islamic banking, and the first licence has been given…
Germany’s Muslims are finally getting a bank offering financial products that comply with Shari’a law. It is a market worth billions, and one that many major banks around the world have long discovered. There are four million Muslims living in Germany. They eat, drink and pray in accordance with the precepts of the Prophet Muhammad….
PCF (French Communist Party) member André Gerin has addressed a letter to François Fillon against changing laws to allow “Shari’a compatible” Islamic banking in France, claiming that accommodation is not appropriate and that this new banking calls into question “democratic and republican values.” Le Monde reports that two laws which would have allowed for greater…
Islamic finance is sparking a heated debate in France. “We must not allow principles of Shari`ah law, or the ethics of the Qur`an to be introduced into French law,” said Socialist MP Henri Emmanuelli. The parliament recently approved a number of adjustments to the banking laws to allow sukuk [Islamic bonds] to be issued for…
Islamic finance is coming to Spain, where an estimated two million possible clients await in its potential market. The Halal Institute, the center of Islamic quality certification in Cordoba operating under the Spanish Islamic Commission, plans to sign an agreement for the creation of an Islamic current account with the Sa Nostra building society. Since…
