The first Islamic bank respecting Koranic law, is slated to be inaugurated next year in Italy, the Union of Arab Banks president, Adnan Yousif, the Association of Italian Banks (ABI) president Corrado Faissola jointly announced Wednesday.
The Union of Arab Banks, based in Beirut comprises more than 300 Arab financial and banking institutions, representing the biggest Arab banks in the region.
“The next step should be the creation of a real Italian-Arab banking federation, which in perspective could represent a model to follow for other countries in the European Union”. said Faissola in a press release in ABI’s website.
“The consolidation of dialogue and cooperation opens important opportunities for growth and development not only for the banking sector and for Italy, but for all of Europe, and looking further ahead, for the stabilisation of the entire Mediterranean area and the Middle East”, Faissola said.
Koranic law forbids the payment and collection of interest and the investment in businesses that are considered unlawful, such as activities involving the selling of alcohol or pork products.