Italy: First Islamic bank in Italy to open in 2008

imagesThe 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.


Islamic Bank in Swiss


Banks and financial institutions play an important role in the Swiss economy. The Swiss franc is among the world’s most stable currencies. The Swiss capital market is one of the most important in the world. The two big banks – UBS and Credit Suisse – are among the leading banks.

Faizal Bank , the first islamic bank opend in swiss in 2006 for non-swiss residents.

Several Swiss banks have branches in Middle East with Islamic Windows.