The Strategist

The First Islamic Bank Opens in Germany

07/22/2015 - 15:10

The first Islamic bank in Germany set to work in Frankfurt.

KT Bank AG, which is the subsidiary of Kuwait-Turkish financial institution Kuveyt Turk Bank, counts, in particular, on the Muslims living in Germany, the number of which, according to many estimates, varies from 4 million to 5 million people.
In accordance with the norms of Sharia, KT Bank will not participate in the financing of the arms trade, alcohol and tobacco, as well as will not charge interest.
Small and medium-sized businesses, real estate developers can become the bank’s customers. In addition, the management of KT Bank hopes to attract investors from the Gulf countries, said representatives of the financial institution.
According to Deutsche Welle, there is not much such financial institutions in the world, including Arabic. In Turkey, for example, they make from 5% to 7% of the total number of banks. However, this market segment is growing rapidly, not only in traditionally Muslim countries, but also in Europe.
In addition to Frankfurt, KT Bank AG branches are scheduled to open in Cologne and Dusseldorf, which have a significant part of Muslim in the population.
Mostly, German Muslims are Turks and Kurds, although there are also immigrants from Arab countries, Bosnia and Albania, Iran and Central Asia. In recent years, a growing number of ethnic Germans, who turned to Islam, has been observed as well. The overwhelming majority of Muslims - law-abiding citizens, having long been an integral part of German society.
Islam and Islamists
About two-thirds of Muslims in Germany - the Sunnis. And only 7 percent are the Shiites. About 13 percent are Alevis (the adherents of a tolerant Islam, advocating religious freedom and equal rights for women).
Alevis identify themselves as Shiite branch of Islam, yet many conservative Muslim communities refuse to accept them. The interests of Muslims in Germany are represented by more than a dozen of different organizations, often competing with each other.
Politicians and the media in Germany constantly call for citizens not to equate Islam and Islamism, in any case. Radical Islamists are fanatics, ready to compel everyone to live under Sharia law, often using force for this purpose. Federal Office for the Protection of the Constitution specifies that at the end of 2013, Germany hosted 42,550 people, possibly related to "potential Islamists."
The most radical Islamic movement in Germany
Number of Salafism adherents is growing peculiarly rapidly. Salafis are calling the worshippers to return to the legacy of "righteous ancestors" and consider only themselves truly faithful Muslims. They are very actively recruit neophytes.
Their campaigns such as free distribution of the Koran in German, or "Sharia patrols", catching young people at nightclubs and restaurants and asking them to refrain from alcohol and short skirts. In 2013, about 5,500 Salafists lived in Germany.
The majority of Salafism supporters tend to take political action. On the other hand, almost all known hitherto terrorist cells and selected terrorists have been associated with this Islamic branch.
Experts believe that the ideology, promoted by the radical Salafi, creates fanatics ready for jihad - "holy war" against the rest of the world.