IslamicFinance.de

A first-of-its-kind bank following Islamic principles was opened in Xining, capital of China's northwestern Qinghai province. The Jianguo Road Branch of Xining Rural Commercial Bank began operation as Muslims celebrate Eid-ul Adha tomorrow. Before opening, the bank invited an imam from the city's Dongguan Mosque to offer supervision in terms of Islamic doctrines, standard of behaviour and the use of Arabic translations in their services. The bank offers small-sum loans to Muslim customers at 15 per cent of average interest rate as well as guarantee and mortgage services for Mecca pilgrims.