A follow-up story from a previous post discussing the license being granted:
Germany, home to 4 million Muslims, just got its first lender that adheres to Sharia law. Charging interest is prohibited, but some analysts see little difference to the way normal banks operate.
If, according to the Koran, trade is permitted but charging interest is the work of Satan, that would make most Western bankers more than a little devilish.
But tacking a fee onto the funds it lends out is not how Germany’s first Islamic bank, the Kuveyt Turk (KT) Bank, which opened in Frankfurt on Monday, will be making its money. Continue reading