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First private Islamic bank is licensed in Switzerland
Alexander Theocharidees, Director and Head of Wealth Management at Faisal Finance, told the Kuwait News Agency (KUNA) that the launch of the first Islamic bank in Switzerland, abiding by the Sharia and at the same time investing in the Western world, is a way in bringing the Muslim and Western worlds closer together, and bring a better understanding of the Muslim faith. He added that by becoming an Islamic private bank in Switzerland this will enable the bank to cater clients' interests in a more diversified way in order to offer a full banking service. On October 3rd 2006, Faisal Finance (Switzerland) SA was granted a full banking license by the Swiss Federal Banking Commission, hence becoming the first Islamic private bank ever. Alexander Theocharides added that the bank is a pioneer in this niche market, catering to the investment needs of high profile clients with wealth management solutions fully compliant with Islamic Sharia law. "We are the proof that the industry is now ripe to offer all the services and the wealth management solutions that a conventional bank offers within the framework of the Sharia," he added. Switzerland, he added, does not see Islamic banking as any different form of banking. Unlike Britain , there is no specific Islamic banking license but only a universal banking license in Switzerland. The Islamic banking industry amounts to a portfolio of USD 500 billion. Alexander Theocharides said that business is very important to bring the two worlds together: the West and the East. Theocharides explained that the bank is doing very good investments in real estate in the United States for almost 10 years. "We are very comfortable with the US," he added. Islamic banking, he added, reflects universal ethics and universal values and more and more clients, not only Muslims, are ready to come and invest assets or part of their portfolio with us because they abide by these universal ethical principles. The day, he said, of making a dollar at all costs is hopefully gone away. Posted by: Seafarious 2006-10-13 |
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