BAWAG PSK will launch the accounts in Vienna next month, allowing customers to conduct their banking according to Islamic law.
Sharia banking prohibits charging interest, as well as transactions with companies that invest in gambling, alcohol or pornography.
It also does not allow buying homes on interest. Instead, the bank purchases the house and resells it to the customer who pays in regular instalments.
Claudia Lemlihi, head of marketing, said that the bank would launch a new current account that instead of charging or paying interest would charge a fixed fee. She added that the account, named ‘Amana’, was tailored specifically to the needs of Muslims living in Austria. » | Nick Hallett | Friday, January 15, 2016
