Islamic banking world waits for Germany to adapt laws

The Local
November 23, 2008

http://www.islamist-watch.org/1088/islamic-banking-world-waits-for-germany-to-adapt

Excerpt:

Despite a huge potential client base, Germany has proven reluctant to adapt its legal and tax systems to attract Islamic finance, which has enjoyed stellar success in Britain.

However Islamic investment funds based abroad are beginning to make considerable inroads into the property market of Europe's biggest economy.

What sets Islamic finance apart from other banking systems is that no interest is collected on loans, as this is seen as usury, a practice banned in Islamic law, and speculation.

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