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Islamic banking enters the Austrian market

After several years of success in the UK and first attempts in continental Europe, Islamic banking is now about to enter the Austrian market. Islamic financing is said to be highly profitable: growth rates of 30 percent are predicted. So far, the roughly 400, 000 Austrian Muslims have no opportunity to invest their money in

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First Islamic bank to be established in Germany

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

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Shari’a banking comes to Germany

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.

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New resistance to Islamic finance in France

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

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Islamic finance in France facing difficulties

The first Islamic Finance created in France, Shariah Liquidités, has closed following a lack of satisfactory returns. Beginning a year ago in la Reunion as a subgroup of the Société générale, all 200 subscribers have been reimbursed.

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