The continued boom in bank products compliant with Islam has spurred plans to set up a new financial institution in Switzerland based on the tenets of the faith.

National Bank of Kuwait, one of the Middle East’s largest banks, is planning an Islamic private bank in Switzerland in partnership with a Saudi Arabian institution. The move comes as Islamic banking continues to see strong growth, in defiance of the credit crunch. Industry assets have grown by about 20 per cent to $500bn (€316bn) since last summer, according to Moody’s, the ratings agency.

Full story from the FT; By Andrew England in Kuwait and David Oakley in London

Last updated: March 30 2008 22:09

http://www.ft.com/cms/s/0/9bbfce9e-fe8c-11dc-9e04-000077b07658.html

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