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Message: <blockquote data-quote="ibnanv" data-source="post: 18267011" data-attributes="member: 218596"><img src="http://cdn.rt.com/files/news/3d/b3/90/00/islamic-bank.si.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />Germany is to get its first fully operational Islamic bank on July 1.  Opened by the Turkish finance group Kuveyt Turk it will provide Sharia  compliant banking services.                     “This new achievement will open vast areas of business and   investment in Europe’s largest economies, as this is the first   bank to obtain a full function license to take deposits and offer   credit finance facilities in Germany as per Islamic rules and   regulations,” Kuwait Finance House said in a statement on Thursday. The wholly-owned subsidiary of the Turkish lender will be called   KT Bank AG with its headquarters based in Frankfurt and branches   in Cologne and Berlin. It will serve Germany’s 4 million Muslims   but also plans to expand its services throughout Europe.    "Our market research has shown, that 21 percent of Muslims in   this country would see an Islamic bank as their natural household   bank," Kuveyt Turk’s managing director Kemal Ozan was cited   as saying by Deutsche Welle.   The bank will operate under the principles of Islamic Sharia law,   under which it can’t participate in speculative ventures or   investments, can’t charge interest on loans, based on the Islamic   teaching that a Muslim may not benefit from lending money or   receiving money from someone else. Islamic banks, however, may   still purchase assets and resell them for a profit. Sharia law   also forbids investment in industries like gambling, alcohol or   pornography. Islamic banks tend to stay away from companies with   debts amounting to more than 30 percent of their value.     Sharia banking: Germany to see its first Islamic Bank    Islamic banking is growing faster in Britain and France than in   many Islamic countries in the Middle East and Asia. Britain   remains Europe's main Islamic finance hub with its five Islamic   banks. Luxembourg is also planning to launch an Islamic lender of   its own. The Islamic Bank of Britain reported a 55 percent rise   in applications for its savings accounts by non-Muslims in 2014   after the Barclays rate-fixing scandal.    Britain became the first non-Muslim country to begin trading in sukuks that are the Islamic   equivalent of bonds. Hong Kong, Luxembourg and South Africa have   also issued sukuks.    In 2010 Kuveyt Turk, the largest Islamic bank in Turkey, which is   62 percent owned by Kuwait Finance House, set up a branch in the   southwestern German city Mannheim, but was not fully operational.   In 2012 it applied for a full banking license, and plans invest   $48.7 million in the planned German unit.</blockquote>

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