Germany seeks Islamic finance

(MENAFN - Arab News) Germany wants to establish itself as a market for financial products that conform with Islamic law, the head of German financial regulator has said.

"We are seeing great interest from investors in Islamic countries, who want to invest their money in Germany according to shariah principles," Bafin president Jochen Sanio said at a conference on Islamic finance in Frankfurt recently.

"We hope to soon welcome the first interested party that wants to start offering these products," Sanio said.

Though no financial institution has made the move so far, Germany's 4.3 million Muslims, mainly from Turkey, represent a market with bigger potential than in any other European country.