(by Paola Del Vecchio) (ANSAmed) - MADRID - Islamic finance is coming to Spain, where it estimates it will find a potential market of two million clients. According to financial newspaper Negocios, the Halal Institute - the centre of Islamic quality certification in Cordoba operating under the Spanish Islamic Commission - is shortly to sign an agreement with the Sa Nostra building society in the Balearic Islands for the creation of an Islamic current account. Since 2006 the Halal Institute has been in talks on the matter with numerous banks, including Deutsche Bank, Caixa and Banesto, in order to open credit lines which conform to the non-speculative precepts laid out by the Koran. Many analysts say that Islamic banking will be one of the cornerstones of a credit system re-launch borne by the recession which has seen mounting discontent over the speculative management of the markets. Islamic banking, on the other hand, offers a more ethical and conservative way to do business, as the benefits to banks and clients reflect the real progress of the business in question. Indeed, the Koran forbids financial speculation, so making money from money and setting high interest rates is held to be against the laws of Islam. In the case of a mortgage, for example, the bank and the client fix the duration of the loan, the payment rate and the final price of the house (including all interest) before it can be issued to the client. There can be no changes to interest rates, nor judicial attachment. If the purchaser cannot make payment, the house goes to auction and the resultant sum divided between bank and the client, according to how much of a stake each holds in the house at that time. Financial responsibility is therefore shared and based on trust, whilst the teachings of the Koran also regulate the investments made by Muslims, which cannot be used to fund businesses associated with pork, gambling, alcoholic drinks or the arms sector. Islamic Bank of Britain is the first such Muslim body to have started operations in Europe, back in 2002. According to market research carried out by the Halal Institute, potential clients in Spain have good earnings, a high level of loyalty to their bank and a low rate of payment default. Thanks to the agreement soon to be sealed by the Halal Insitute and Sa Nostra, Muslim residents of the Spanish archipelago will also be able to open special current accounts to collect the funds needed to be buried in the first Islamic cemetery in the Balearics, without the bank taking any commission or adding any interest to the holder's deposits. (ANSAmed).