The Italians have thus far resisted the European trend of allowing Islamic financing an equal footing in its banking system. It might only be a matter of time though, before the sharia inspired system gets approved. At least for now, the Italians are saying NO to it. More here. *L* KGS
(ANSAmed) – MILAN, APRIL 22 – A total 900,000 Muslims live in Italy and there are 70,000 companies set up by citizens coming from Arab countries. However, an ‘Islamic bank’, unlike in almost the entire Europe and the USA where the total sector’s assets stand at $500 billion, is far from appearing, despite the fact that investors are saying they are ready for it.
”We are ready to set 60% of the investment necessary to open in Italy a bank abiding by the principles of Sharia and we have contacted various Italian credit institutes which are interested. We have been working on this for some time: first we and other operators were hoping to open it by the end of this year but various problems have made us think that nothing will be made in 2008,” Hatem Abou Said, representative in Italy of Al-Baraka banking group of Bahrain, said at the conference ‘Islam and the Business World’ held in Milan.
H/T Baron Bodissey