The state of Islamic finance in Europe

Omar Rehan Baig, Aishath Muneeza, M. Kabir Hassan and Paolo Biancone

Chapter 1 in Islamic Finance in Eurasia, 2024, pp 7-27 from Edward Elgar Publishing

Abstract: The development of Islamic finance is not uniform across the European region. Certain countries have developed Islamic finance more than others. The purpose of this chapter is to explore the state of Islamic finance in some selected European countries (United Kingdom (UK), France, Germany, Luxembourg, Italy, Austria, Switzerland, Sweden, Belgium, Greece, Denmark, and Norway) by shedding light on its history and current developments. Upon analyzing and assessing the current state of Islamic finance in the selected European countries, it is found that the top tier had the most advanced development of Islamic finance in their regions and consisted of the UK and Luxembourg. The middle tier had some level of growth but has not seen significant progress compared to tier one. This tier consisted of France. The remaining nine countries analyzed (Germany, Italy, Austria, Switzerland, Sweden, Belgium, Greece, Denmark, and Norway) are in tier three, with little-to-no development of Islamic finance until now. It is anticipated that through this chapter, policymakers will be able to better comprehend the development of Islamic finance in their regions and how it can be further developed.

Keywords: Asian Studies; Business and Management; Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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