Financial Products for Muslims Capture the Market
|Business, Economy, Finances, Banking & Insurance|
|Press release from: IIR Deutschland GmbH|
|(openPR) – 1st IIR “Islamic Finance & Real Estate Forum”
on 4th and 5th November 2008 at the Hotel Hessischer Hof, Frankfurt, Germany
Frankfurt, August 2008. If Germany wants to profit from the growing demand for Islamic financial products, both politics and financial management are challenged. The structure of financial products which comply with the Islamic law (Sharia) has to be different from those common in Germany. This requires target group-specific concepts on the one hand and new legal constraints on the other (FAZ, 23rd July 2008). “Islamic banking, stigmatised as a marginal issue only a couple of years ago, has become increasingly popular – not only in predominantly Arabic regions, but also in non-Islamic countries,” said Zaid el-Mogaddedi, Managing Director of the Institute for Islamic Banking & Finance (IFIBAF). According to the IFIBAF, the estimated global potential of Sharia-compliant financial products amounts to approximately four trillion US dollars (Kreditwesen 15/2008).
Strategies for Sharia-compliant financial products
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