Eurozone to get its first Islamic bank

A consortium comprising a reputable bank, royal families, and a group of leading businessmen in the GCC, has announced that an agreement to set up the first Islamic bank in the eurozone has now been concluded.
Eurisbank will have a start-up capital totalling Euro 60m, branches in Paris, Brussels, The Netherlands and Frankfurt are planned. Set to be headquartered in Luxembourg, the founders, promoters and Deloitte have concluded a meeting with the CSSF (Luxembourg's Supervisory Authority), which has welcomed the idea. Deloitte has completed a feasibility study for the bank, which is said to demonstrate high return on investment, taking advantage of being the first of its kind to operate from the eurozone countries.