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Kuveyt Turk Opens First Islamic Bank in Germany

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Istanbul-based Turkish financial institute, Kuveyt Turk investment fund plans to open the first Islamic bank of its kind in Germany
in October 2012, amidst hopes of overcoming the bad effects of the ongoing euro crisis and get a share of the successful Islamic banking pie. “The idea of an Islamic bank is that it adheres to Islamic investment guidelines and principles,” says Zaid el-Mogaddedi, founder and
director of the Institute for Islamic Banking and Finance (IFIBAF) in Frankfurt. The bank was introduced as many Europeans hope to sign on to a banking institute that offers only transactions backed by tangible assets rather than highly speculative financial management which caused the ongoing euro crisis.