First Islamic bank to be established in Germany

Opportunities will increase for German Muslims to invest their money in a “halal” way. So far, Islamic banking is not available in Germany, although well established in the UK, where there is a smaller Muslim population. Now the banking supervision Bakin recently organized a conference on Islamic banking, and the first licence has been given out to an Islamic bank in Mannheim that will open in January.

Christian-Democrat local politician Reinhard Löffler praises the initiative. A believing Christian, he considers Islamic banking a potential third way between capitalism and socialism. The “ethical dilapidation” of the current banking system calls for innovative solutions.