Jul 07 2011 |
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Hungary hungry for IF
By Emmy Abdul Alim Hungary's first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary's Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger. Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari'ah compliant bank, called Magyar Iszlam Bank in the coming years."But we cannot do it alone," said Hasszan and called for assistance from transnational bodies, such as the Islamic Development Bank as well as established commercial Islamic banks.
Islamic finance is becoming a hot topic in Hungary and last month the country's Foreign Ministry along with government agencies and the Al-Gharnati Foundation organized a conference in Eger. Representatives from the IDB and from Egypt's Faisal Islamic Bank were in attendance.
Kaknics-Ujhelyi explained to The Islamic Globe that Hungary was keen to open up to Islamic finance because of the debt crisis that engulfed the country in the global economic slowdown. As a result Hungary accepted a $25bn rescue package from the IMF, World Bank and the EU in 2008. The country hopes that by inviting new investors from the Gulf (notably Kuveyt Turk is 62% owned by Kuwait Finance House) and Malaysia to Hungary new capital will be injected into the economy.
© The Islamic Globe 2011
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