{"id":2088,"date":"2015-03-24T11:18:50","date_gmt":"2015-03-24T11:18:50","guid":{"rendered":"http:\/\/localhost\/rs\/en\/germany-gears-up-to-open-first-islamic-bank\/"},"modified":"2015-03-24T11:18:50","modified_gmt":"2015-03-24T11:18:50","slug":"germany-gears-up-to-open-first-islamic-bank","status":"publish","type":"post","link":"https:\/\/r-islam.com\/en\/germany-gears-up-to-open-first-islamic-bank\/","title":{"rendered":"Germany gears up to open first Islamic bank"},"content":{"rendered":"<p style=\"text-align: center;\">&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\" size-full wp-image-2086\" src=\"http:\/\/localhost\/rs\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/unnamed.jpg\" alt=\"\" width=\"426\" height=\"284\" srcset=\"https:\/\/r-islam.com\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/unnamed.jpg 426w, https:\/\/r-islam.com\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/unnamed-300x200.jpg 300w\" sizes=\"auto, (max-width: 426px) 100vw, 426px\" \/><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 12pt; font-family: 'times new roman', times; color: #0000ff;\">Germany gears up to open first Islamic bank<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">Turkish lender Kuveyt Turk said on Sunday it would launch Germany&#8217;s first full-fledged Islamic bank in July, a first step intended at offering sharia-compliant retail banking services across the continent.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">The wholly-owned subsidiary will be called KT Bank AG and use Frankfurt as its base, aiming to tap Europe&#8217;s second-largest Muslim community, many of whose members are of Turkish descent.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">The subsidiary would seek to serve Germany&#8217;s roughly 4 million Muslims but also target a wider client base, expanding its branch network across the country and later into the rest of Europe, the statement said.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<img loading=\"lazy\" decoding=\"async\" class=\" size-full wp-image-2087\" src=\"http:\/\/localhost\/rs\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/abc.jpg\" alt=\"\" width=\"319\" height=\"276\" srcset=\"https:\/\/r-islam.com\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/abc.jpg 319w, https:\/\/r-islam.com\/en\/wp-content\/uploads\/sites\/2\/2015\/03\/abc-300x260.jpg 300w\" sizes=\"auto, (max-width: 319px) 100vw, 319px\" \/><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">Kuveyt Turk, the largest Islamic bank in Turkey and 62 percent owned by Kuwait Finance House, set up a financial services branch in Mannheim in 2010 and applied for a full banking license in 2012.<\/span><br \/><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">At the time, the lender said it would invest initial capital of 45 million euros ($48.7 million) in the planned German unit.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">Islamic finance has been slow to gain a foothold in Europe due to a fragmented market and lack of industry-specific regulations.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">Britain remains Europe&#8217;s main Islamic finance hub, with five full-fledged Islamic banks, with a Luxembourg venture also planning to launch an Islamic lender of its own.<\/span><br \/><span style=\"font-size: 12pt; font-family: 'times new roman', times;\">In 2004, the German state of Saxony-Anhalt raised 100 million euros via Islamic bonds, with Munich-based FWU Group tapping the market in 2012 and 2013.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: 'times new roman', times; color: #ff0000;\">References: alukah<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Germany gears up to open first Islamic bank Turkish lender Kuveyt Turk said on Sunday it would launch Germany&#8217;s first full-fledged Islamic bank in July, a first step intended&hellip; <\/p>\n","protected":false},"author":7,"featured_media":2086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-2088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-muslims-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Germany gears up to open first Islamic bank - Right Islam<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/r-islam.com\/en\/germany-gears-up-to-open-first-islamic-bank\/\" \/>\n<meta property=\"og:locale\" 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