Muslims are allowed to actually pay any interest. But how to finance such a house? The small KT Bank has found a way. She wants to be the new bank German Muslims.
With the pork it is in Islam quite simple: The consumption is haram (forbidden), so the devout Muslim eats something else. Haram is in Islam but also to take interest or to pay. But not to do so is difficult. Who wants to build a house or buy, often has no choice but to borrow money. “In Germany, the Muslims had been no way to finance a home Islam compliant,” says Michael Saleh Gassner, a financial expert from the Central Council of Muslims. Many have therefore continued to reside for rent. Other violate grudgingly against the ban.
Since the beginning of July, there is a way: The KT Bank AG has received the first Islamic bank a full license of the German financial BaFin. In the branches in Frankfurt, Mannheim and Berlin and soon online retail customers to conduct their banking transactions according to the rules of Sharia. For example, finance a house. The bank lends to no money, but buys the house and sells it to the customer at a premium on. Thus, it is a commercial transaction, and thus profits can be achieved halal (permitted). “God has allowed selling, and forbidden usury,” it says in the second chapter of the Koran.
No money for the forbidden
“Islamic banking is the real economy,” says Kemal Ozan, CEO of KT bank. Therefore speculation in the Islamic banking was not allowed and investments in highly leveraged companies. In addition, transactions with companies that produce from an Islamic perspective forbidden or promote such as prostitution, pornography, alcohol, tobacco, gambling, and pork. The defense industry is one of them: Because the war in Islam “only as an act of self-defense” was justified, says Ozan. The KT-bank based on their policies in an international standard for Islamic banking and is advised by an Ethics Board. This makes them, was distinctive also of other Turkish banks in Germany as of Isbank and Oyak Anker Bank.
Islam-compliant investment Transportation restrictions, however, are not new on the German market. For several years, conventional banks have appropriate funds and indices on offer. Until now, however, were not particularly in demand. Is there a market for an Islamic bank?
Yes, says Gassner by the Central Council. Because construction and checking account just more people appeal as an investment business. Yes, says KT CEO Ozan. Because people “an authentic Islamic Bank” wanted. “When conventional banks offering Islamic products only a few that comes not good.” He knew that from the market research. Surveys show that the bank has determined that about 20 percent for religious reasons would view and change an Islamic bank as its natural bank of the 4 million Muslims is estimated to live in Germany. “If we start from one million households, are the 200,000 customers.”