SWEDEN: ISLAMIC BANK CONSIDERS OPENING BRANCH

The first Islamic bank in Sweden may soon be opening its doors.Talking to Swedish Radio news a spokesman for the Islamic Bank of Britain, Shaher Abbas, admitted contact had been made between the bank and the Swedish authorities.Abbas would not speculate when the bank would open in this country but the plan is to capture the European market with offices in Germany and Sweden.The bank was the first Islamic bank to open in Europe four years ago and now there are eight branches in the UK.Since the banks follow Sharia law, they do not pay or collect interest. Abbas says that this puts them in a good position during the current credit crisis.