Islamic banks with no interest coming to Croatia

Islamic banks, banks which prohibit the payment or acceptance of interest or fees for loans of money, will soon arrive in Croatia. Dr. Sukrija Ramic, a member of the Sharia Board of the first Islamic bank on European soil, Bosna Bank International, has announced that legal regulations have been completed that will open the way for new Islamic banks to open in the region.

Ramic has said that Croatia, with its Catholic majority population, could accept an Islamic bank in the country before Bosnia and Herzegovina, since Pope Benedict XVI has previously recommended that commercial banks look to the principles of Islamic finance.

Islamic banks are not only intended for Muslims but for all citizens. There are no special requirements for non-Muslims. Apart from Islamic banks having no interest, there are no other differences between Islamic and conventional banking. Islamic banks do not finance alcohol, tobacco, pornography, prostitution, gambling or the weapons industries. In other words, investment projects must be halal, reported Croatian daily newspaper Vecernji list.