Excerpt:

According to a report in a business daily, Germany is about to get its first fully operational Islamic bank. The report says Germany's financial regulator will grant an operating license to the Turkey-based bank.

The report posted on the website of the Handelsblatt newspaper and to be published in the Monday edition of the daily said the German regulator, Bafin, was about to grant the license to the Kuveyt Turk Bank AG.

The bank operates under guidelines that conform with Sharia law, meaning that it does not get involved in speculative ventures or investments, or those that do not comply with the teachings of the Koran.


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