It has been reported that Germany is in its relative infancy in developing Islamic finance and banking and will be getting its first Islamic bank this fall when Turkey’s Kuveyt Turk investment fund opens its first bank in the country, despite the worsening euro crisis.

The first branch will be opened in Frankfurt in cooperation with Ernst & Young and the law firm Norton Rose. Other branches will soon follow, particularly in Muslim-heavy cities like Berlin.

The bank has the potential to be very successful as Europeans become more and more frustrated with their banking system. This is particularly important now, as the euro crisis continues and many believe Greece, and perhaps other countries, will remove themselves from the currency.

The fact that Islamic banking tools are based only off of tangible assets and forbid speculation is very attractive to people frustrated with the repercussions of speculation in the banking industry.

While Islamic banking is still gaining a foothold in countries like England and Frank, those within the industry believe that in Germany, it could flourish. Aside from the population, which numbers some 4 million people and 5 percent of Germany’s total populace, bankers there are prepared to push forward the industry with successful marketing campaigns and education. The fact that the bank is Turkish will also help, as most of Germany’s Muslims have Turkish ancestry.