Entrepreneur To Open Islamic Bank in France

A Syrian-born entrepreneur says he's seeking to open France's first Islamic bank and has applied for a license from the Bank of France.

Fehmy Saddy, the president of closely held FS International Partners, wants to start Tayssir Bank and said he started talks with the French central bank in mid-2005.

"Initially, we got a negative reaction as they thought Islamic banking would be about financing terrorist activities," Mr. Saddy said. "So we explained it in the context of the well-established tradition of cooperative, or mutuel, banks to serve a community."