Islamic banking making its way to Spain

Islamic finance is coming to Spain, where an estimated two million possible clients await in its potential market. The Halal Institute, the center of Islamic quality certification in Cordoba operating under the Spanish Islamic Commission, plans to sign an agreement for the creation of an Islamic current account with the Sa Nostra building society. Since 2006, the Halal Institute has been in talks with numerous banks on the issue of introducing Islamic finance. Some market analysts have forecasted that Islamic banking will be one of the cornerstones of a credit system re-launched by a worldwide recession and mounting discontent over market management. Islamic banking partnered between the Halal Institute and Sa Nostra is planned to be launched shortly, beginning first in the Spanish archipelago; a specific date has not yet been announced.