Islamic banking enters the Austrian market

After several years of success in the UK and first attempts in continental Europe, Islamic banking is now about to enter the Austrian market. Islamic financing is said to be highly profitable: growth rates of 30 percent are predicted. So far, the roughly 400, 000 Austrian Muslims have no opportunity to invest their money in a “halal” way, but now the Austrian Standards Organisation has started to develop common standards for Islamic banking on behalf of the Islamic Information and Documentation Centre (IIDZ).

The process should be completed by summer 2010, when the first Islamic financial products are supposed to be available at Austrian banks.