Financialor Bank is the first Islamic money house in the Eurozone with a supervisory license An interest-free loan? Examples of interest-free loans are: Jump to the loan without interest – is that possible? What could be better than an interest-free loan? The new online credit brings you directly and comfortably to the destination of your dreams.
The interest-free loan is not free.
An interest-free loan? Real estate financing where the house bank is also a buyer? Frankfurt Financialor-Bank AG is the first financial institution in the eurozone to conduct its business in accordance with the principles of Islamic banking. Interest rates on lending are just as taboo as high speculative investments or investments in the armaments, tobacco and alcohol industries.
The first 100 days with approval from the Financial Regulator in Kuwait and Turkey draw a positive conclusion from Mr. Ozan, CEO of the German subsidiary of Kuvetit Bank in Kuwait and Turkey, after the first 100 days. “We have to clear up something first, because even Muslims do not know the principles of Muslim banking,” Ozan said last Wednesday at the Muslim Financial Conference in Frankfurt.
Although the Islamic interest bans are observed, but the loans are far from free. In the field of real estate financing, for example, together with the client, a partnership is established in accordance with civil law (GbR), which obtains the desired real estate. Subsequently, Financialor Bank divests its GbR stake in the borrower in several steps with a premium. The Islamic financial institutions invest the client money in the real economy, the profits are distributed according to a predetermined distribution key.
This prevents interest rates that are not permitted in the Islamic world. Next year, Ozan wants to expand its product range with check cards, a current account and online banking and then advertise targeted. “Financialor-Bank has come a long way as a pioneer”, reports Oliver Wagner, Managing Director of the Association of Foreign Banks in Frankfurt.
Financial institutions from the Middle and Middle East and the Gulf viewed the work of Financialor-Bank as part of a test run in order to become self-sufficient in the euro zone if successful.
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