Excerpt:

Europe's first fully-functional Islamic bank will soon open its doors in Frankfurt, offering German's Muslim population the opportunity to use a bank that complies with sharia law for the first time.

The branch, which will operate under the name KT Bank AG, can only be backed by tangible assets and shall refrain from speculative investments, in accordance with Islamic banking rules. Charging interest on loans is also not permitted, although the bank is allowed to purchase and sell assets for a profit.

Additionally, activities that are considered un-Islamic, such as participation in forbidden goods, services and projects, including businesses within the gambling and alcohol industries, are strictly prohibited.


Read the complete original version of this item...