TUNIS, May 28, 2010 (AFp) - Tunisia's first Islamic bank officially began operating on Friday, with the majority owner -- the son-in-law of the country's president -- pledging new financial options for customers. "Our idea of founding an Islamic bank in Tunisia had several objectives ... to consolidate and enrich the banking and financial system of our country by offering new innovative solutions that complement the products and services already offered by traditional banks," said its majority owner, Mohamed Sakher El Materi. Materi, who holds a 51 percent stake in the bank, Zitouna, is also the son-in-law of Tunisian president Zine El Abidine Ben Ali. In Islamic banking customers who are granted a loan do not pay interest and customers who save do not earn interest on their savings. kl/rl/mjs © Copyright AFp 2010.
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