Germany which already has a few no-go zones of its own in cities has now allowed a parallel financial industry within the gates, leaving themselves open to economic warfare within the homeland.
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.
This also means that it cannot charge interest on loans, but it may purchase assets and resell them for a profit.
The Handelsblatt quoted the bank’s managing director Kemal Ozan, who said Kuveyt Turk hoped to tap into a wealth of potential customers in Germany, particularly among the four million Muslims who reside in the country.
Full article: Report: Islamic Kuveyt Turk Bank to be granted German license (Deutsche Welle)