Germany Islamic finance 2021: KT Bank targeting more customers, fintech INAIA introducing new products
Islamic finance has established a market presence in Germany but its reach and potential remain untapped. Ongoing developments sustain hopes for a wider proliferation against the background of bold moves in other countries in the region, such as the UK.
“The Islamic banking market in Germany is limited as the acceptance among German Muslims is lower,” Dr. Matthias Casper told Salaam Gateway. Dr. Casper is Professor at the Institute for Corporate and Capital Markets Law at the University of Münster, with a primary research interest in Islamic banking.
He believes the origin of German Muslims is the reason. “Many emigrated from Turkey when it was still a secular state, and Islamic finance did not yet exist,” said Dr. Casper. “The Muslims from the Gulf regions, who like to enquire these products, are not very well represented in Germany.”
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