By Heiko Metzger & Christine Mai
Translation: J.H.
Women cannot open a bank account, interests are taboo - the moral laws of the Koran affect the financial markets and even the West cannot and does not want to elude them.
The makers of the financial markets are worried about Muslim savers' clear conscience for Koran forbids Riba – accumulation of money, and also interests. The banks and borrowers have therefore created special financial products in order to open the the equity market to the faithful. A new booming division of the financial industry was born in the past few years: Islamic finance.
Investors have paid more than 2 milliard dollars into ETCs (raw material bonds traded in the stock market) compliant with Islam in Europe alone. But this is not sufficient. The biggest ETC trader ETF Securities have subordinated their trading platform to the Sharia Law. Read more ...
Translation: J.H.
Women cannot open a bank account, interests are taboo - the moral laws of the Koran affect the financial markets and even the West cannot and does not want to elude them.
The makers of the financial markets are worried about Muslim savers' clear conscience for Koran forbids Riba – accumulation of money, and also interests. The banks and borrowers have therefore created special financial products in order to open the the equity market to the faithful. A new booming division of the financial industry was born in the past few years: Islamic finance.
Investors have paid more than 2 milliard dollars into ETCs (raw material bonds traded in the stock market) compliant with Islam in Europe alone. But this is not sufficient. The biggest ETC trader ETF Securities have subordinated their trading platform to the Sharia Law. Read more ...
Source: Financial Times Germany
H/T: EuropeNews
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