Germany to get first Islamic bank in October

August 30, 2012

Berlin, August 30: Turkey's Kuveyt Turk investment fund plans to open the first Islamic bank in Germany in October, the Financial Times Deutschland reported.

Kuveyt Turk plans to open its first branch, following the principles of the Islamic sharia law, in Frankfurt-am-Main in cooperation with Ernst & Young auditing company and Norton Rose law firm.

Sharia law prohibits a fixed or floating payment or acceptance of specific interest or fees on loans.

As for mortgages, the Islamic bank purchases houses and then sells it to a client for a higher price.

Other branches of the bank will be opened in German cities with large Muslim communities, particularly in Berlin.

As for other European countries, such banks are already providing their services in Britain, the paper said.

Analysts, however, doubt if such banking services will become popular in Germany where the Muslim community does not exceed five percent or 4.1 million people.

islamic_banking



Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 30,2024

KFC.jpg

US fast-food chain KFC has been forced to close over 100 restaurants in Malaysia over a pro-Palestine boycott of the company.

The Straits Times reported on Monday that the American restaurant chain specializing in fried chicken had to reduce its operations across Malaysia, mostly in north-eastern Kelantan state, following calls for a boycott of the company amid protests over the US government’s backing of the Israeli regime in its genocide of the Palestinians in the besieged Gaza Strip.

Nearly 80 percent, or 21 KFC outlets, in Kelantan state stopped their operations, followed by 15 outlets in Johor and 11 in Selangor, the most industrialized state in Malaysia.

Citing a local Chinese-language newspaper, the Straits Times added the local franchisor of the Louisville, Kentucky-headquartered company in the Muslim-majority Southeast Asian nation, QSR Brands Holdings Bhd, is temporarily suspending operations in more than 100 KFC outlets after about half a year of boycott movement. “QSR Brands, which owns and operates the KFC fast-food franchise in Malaysia, is suspending 108 outlets nationwide.”

In this regard, chairman of the pro-Palestinian group Boycott, Divestment, Sanctions (BDS) in Malaysia, Professor Mohd Nazari Ismail, told the Singapore-based newspaper that, “KFC is not on the BDS list of targeted companies. But many Malaysians see any American fast-food operator to be related to Israel, including KFC.” The BDS has been pushing for various forms of boycott movement against Israel until it meets its obligations under international law.

KFC was also forced to shut its first branch in Algeria earlier this month, just two days after its opening, following protests over US support to Israel.

The boycott action has severely affected worldwide operations of American fast-food giants McDonald’s, KFC, Starbucks, etc., with the pro-Palestine campaign having the potential to spread further across the globe.

Boycotted US companies are either perceived by pro-Palestinians to have taken pro-Israeli stances in the genocidal war on Gaza, or have financial ties to the Israel regime and/or have made illegal investments in the occupied Palestinian lands.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 28,2024

USprotest.jpg

Campuses of several US Universities have been witnessing massive protests with the students seeking a ceasefire in Israel's war with Hamas. Police have arrested over 550 protesters and some universities are witnessing violent crackdown of protests by the ruthless cops. 

Law enforcement officials at the behest of college administrators have deployed tasers and tear gas against students protesters at Atlanta's Emory University, even though the protests have been largely peaceful, say activists and media personnel present at the spot.

Emil' Keme, professor of English and Indigenous studies, at the University said that the scene reminded him of the civil war in Guatemala as a teenager.

"Police immediately began to force people to move. I felt like I was in a war zone, with all the police and their weapons, the rubber bullets. We were pushed away," Mr Keme told the Guardian describing what happened as soon as cops entered the Emory campus.

“Police took the student next to me, pushed an older lady nearby and then pushed me.”

Student protesters say they are expressing solidarity with Palestinians in Gaza, where the confirmed death toll has topped 34,305, according to the Hamas-run territory's health ministry. They want universities to cut their investments in everything tied to Israel and weapons that fuel the war in Gaza. That means funds run by BlackRock, Google as well as Amazon's cloud service, Lockheed Martin and even Airbnb.

Video circulated widely on social media shows two women who identified themselves as professors being detained, with one of them slammed to the ground by one officer as a second officer then pushes her chest and face onto a concrete sidewalk.

Atlanta police and Georgia troopers are leading a joint operation within the campus to dismantle the tents and camps the activists have set up at the school's quadrangle. Within minutes of the authorities entering the campus, 28 people, 20 of whom were "Emory community members", had been arrested, the institute said in a statement.

The school president said that the videos of police clashing with the students "are shocking" and that he is "horrified horrified that members of our community had to experience and witness such interactions."

The university's response was likely the quickest show of police force in response to a divestment protest among the dozens nationwide that have occurred in recent weeks. It was also probably the only one where pepper balls, stun guns and rubber bullets were used.

USprotest3.jpg

USprotest2.jpg

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 8,2024

covid.jpg

AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

The company also said it would proceed to withdraw the vaccine Vaxzevria's marketing authorizations within Europe.

"As multiple, variant Covid-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding that this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied.

According to media reports, the Anglo-Swedish drugmaker has previously admitted in court documents that the vaccine causes side-effects such as blood clots and low blood platelet counts.

The firm's application to withdraw the vaccine was made on March 5 and came into effect on May 7, according to the Telegraph, which first reported the development.

London-listed AstraZeneca began moving into respiratory syncytial virus vaccines and obesity drugs through several deals last year after a slowdown in growth as COVID-19 medicine sales declined.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.