Islamic Banks come to Spain

September 8, 2010 at 5:14 pm Leave a comment

Islamic banks come to Spain with the help of the Halal Institute. They are a growing business in Europe and grant mortgages without interest at refund, they do not charge commitment or cancellation fees. Also, they don’t really pay attention to Euribor.

Some market analysts say that Islamic banking can be one of the cornerstones of a credit system re-launched by a worldwide recession. Islamic banking partnered between the Halal Institute and Sa Nostra is planned to be launched shortly, beginning first in the Spanish archipelago, namely the Balearic islands.

But this is just one example of projects for Islamic banks. Some other European banks are interested in creating powerful collaborations with Islamic partners. The National Bank of Kuwait, one of the largest banks in the Middle East,  has opened an Islamic bank in Switzerland. The French Government has reached out to Islamic investment funds.

The importance of Islamic banking in Europe is underlined in the results of the 2007 Islamic Bank of Britain (IBB), the first Islamic banking in Europe that was installed back in 2002. Alamar Samir, the CEO, confirms its good results from its headquarters in Birmingham: “2007 was a year of important successes for the company “.

But the business continues to grow, as it still is a new fact that has specialized banks to offer products according to Muslim orthodoxy. An important reason for this boom is the rising price of oil, which is generating a great liquidity in the Arab countries, many of whose funds they are behind Islamic banking projects in the West.

But not only the Persian Gulf are the initiatives, as first class banks like Britain’s HSBC and Germany’s Deutsche Bank have also seen business in Muslim believers and have set up Islamic banking divisions.

Photo source: islamicbanking.info

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Entry filed under: Islamic banking, Kinos, News. Tags: , , , , , , , .

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