First German Muslim bank prepares to open
Published: 19 Jan 10 09:04 CET | Print version
Online: http://www.thelocal.de/money/20100119-24663.html
Germany’s first Muslim bank is opening in Mannheim, with plans to set up ten branches across the country offering banking services according to the ethical rules of the Koran.
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The Kuveyt Türk Beteiligungsbank, based in Istanbul and Kuwait, is renovating its offices in the south-western city ahead of a planned opening in March, when the plan is to offer day-to-day banking services to the large Muslim community in the region.
Although there is already an Iranian finance institute in northern Germany, it is mostly concerned with export businesses, not with individual customers.
Islamic banking means that a fee is paid for a loan rather than interest, and investments are made only in companies considered to conform to Muslim ethics – this bans buying shares in firms which deal with alcohol, pork or weapons. Highly-speculative investments are also not allowed.
The concept could win over non-Muslims too, as far as Zaid el-Mogaddedi, consultant with the Frankfurt-based Institute for Islamic Banking and Finance, is concerned. He said that although Muslim banks had also been affected by the financial problems of the global financial crisis, they had survived relatively unscathed.
This combined with the ethical element made the idea attractive to new customers. “I believe that this business model could serve as a good example for the new regulation of western banks,” he said.
Michael Gassner, from the Central Council of Muslims, said a Muslim bank could also contribute to better integration in Germany. He said around three quarters of the four million Muslims living here felt closely-tied to the Islamic traditions, with a fifth supportive of the idea of Muslim finance.
“Literally put, he who buys a house feels at home,” he said.
DDP/The Local (news@thelocal.de)
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Your comments about this article:
and this line is blatantly intolerant toward a western lifestyle "Islamic banking means ... investments are made only in companies considered to conform to Muslim ethics"
I hope The Local doesn't start reporting honor killings of those who choose Sparkasse. Still, it sounds like Germany adapting to Islam's needs instead of the other way around. That doesn't sound like helping integration unless it is meant to help the German people integrate with Islam.
Now, I'm sure about a ban on minarets, and they look nicer in Middle-East anyway.
For example, the Chinese population is pretty large in Toronto. The banks catered to this market - offered Chinese speaking service, investments to Asia, etc. Heck, the ATMs have Chinese and English...and surprisingly no French! Ha! Other than a few credit unions or commercial banks, there are no Chinese banks. They, however, did not cater so much to the growing Indian population. As a result, a few Indian banks (virtual or B&M) emerged. So, the German banks cannot really blame anyone other than themselves for not acting fast enough on this. Then again, I'm speaking strictly from a cultural point of view. Religion...that's dangerous territory, so back to work I go.
Many of the comments above read the same - I wouldn't want this therefore nobody should be allowed to have it!
For the same reason why the USA can have fuel guzzling SUVs knowing that they can force Saudi to pump out more to drive down prices
There are Vatican banks that make promises and end up investing in weapons and contraceptives ;-)
So long as it conforms to local laws and standards of fairness and is open to everyone who wishes to use it.. what is the problem? If I choose to pay a fee instead of an interest rate for my loan, that is my choice. If choose to buy fair trade coffee... that is my choice. If I only invest in socially responsible investments, that is my choice. How is this different other than it is based on the principles of a religion. I don't even like religion, but think many of the above responses are just open prejudice.
If this bank refuses to allow a woman to open her own account... then yes, it should not be allowed to function within our society. If it denies a gay person an account. Shut it down. If a Jewish person wishes to bank there and is denied... than it does not conform to the standards of "equality of access" in our society and should be shut. However, until that happens... I see nothing wrong with someone providing a service or product that is in line with his or her belief. If they say... you can only have an account here if you are Muslim (which the article clearly states it does not) that would be different. Actions, not ideas.
If you want to talk about freedom and integration... that means EVERYONE should live it...not just one side.
So let's judge the individual actions, not your assumptions about it.
I like the way that you both think and express yourself.
Wabit :-)
It is today the classical case of 'unless you have a million' you can't start a business, it was probably meant t discourage people who discouraged 'free' or 'capital' economy.
But it is sometimes difficult to explain this to some muslim friends, who are stuck on the 'principle'. Just like christians find it so difficult to accept evolution, and would fight tooth and nail to find fault with it.
DAMN you guys are scared and paranoid. Just becuz they're gonna open banks doesnt mean they're gonna rape your daughters and then suddenly all the babies born will be non-germans.
But anyway, Terrorism has definitely won. Even if they didnt manage to hurt you physically, they have blown away your hearts and minds becuz now you're scared of them. You unfortunate people!!!!
Would you be disappointed if they DID let women open a bank account?
Would you be disappointed if they followed ETHICAL practices?
Would you be disappointed if they did not fund Al Khaida?
Would you be happier if it did do all of it.... happy banking ... get free bombs/ Ak 47 ... and one week free sucide bomber training ..... ;-)
Us westerners are so stupid, we are slowly letting the Muslims into our house by opening the door and inviting them in.
Once we are all "muslimized", our way of life will be nothing but history. when is the West going to wake up to this threat that sees us as the enemy of their religion?
I've been living in the US and had to adapt. After all, I'm a guest here for 2 more years.
What's good for me is good for the rest of non-citizens in any given country.
It will be very important for Germany to have the correct Islamic institutions in place, as the country transitions from a European culture to a Muslim culture.
Getting the jump on an Islamic bank may help Germany become the first jewel in the Ruropean Caliphate, thus defeating France and the other EU countries.