Islamic banks will soon begin operations in France

Likely beginning by June 2009, Islamic banks will be authorized to open in France. Experts expect three banks will be shari’ah compliant – the Qatar Islamic Bank already established in London, the Kuwait Finance House, and the Al-Baraka Islamic Bank from Bahreïn. According to a study undertaken in May 2008, 500,000 Muslims in France are extremely interested in doing their banking in shari’ah-compliant banks.

In the recent second French forum on Islamic banking, Christine Lagarde, Minister of the Economy claimed that, “We are determined to make Paris an important site for Islamic finance.”

The first Islamic bank opened in London in September 2004.

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Le Parisien (French)

Le Figaro (French)