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BAWAG launches Islamic bank account
BAWAG PSK has said it will pilot an Islamic current account in February - the first Austrian bank to do so.
It will offer current accounts which will be consistent with the principles of Islamic law or sharia.
This prohibits banks from dealing with businesses that are considered sinful, such as alcohol, weapons, gambling and pornography. Usury is also prohibited under sharia law so in principle banks cannot charge fees or interest for money lending.
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