Post by Miriam Mikeba Mirabeau on Dec 11, 2008 7:42:17 GMT 4
Islamic banking heads for Sweden
Islamic Bank of Britain (IBB), which was first granted authorisation in 2004 in the UK, is now considering a move into Sweden. IBB has been in contact with Sweden’s authorities for some time. The Swedish Financial Authority has stated that ‘in general there are no legal obstacles to conducting Islamic banking operations in Sweden’. IBB is also eyeing Germany for an expansion of its European presence.
Meanwhile, Sweden’s first Islamic investment fund has also recently opened. The fund follows Shari’ah-compliant criteria, and includes 110 international firms which may not be associated with haram activities, such as alcohol brewing, for example.
Islamic Bank of Britain (IBB), which was first granted authorisation in 2004 in the UK, is now considering a move into Sweden. IBB has been in contact with Sweden’s authorities for some time. The Swedish Financial Authority has stated that ‘in general there are no legal obstacles to conducting Islamic banking operations in Sweden’. IBB is also eyeing Germany for an expansion of its European presence.
Meanwhile, Sweden’s first Islamic investment fund has also recently opened. The fund follows Shari’ah-compliant criteria, and includes 110 international firms which may not be associated with haram activities, such as alcohol brewing, for example.