Status of Islamic Finance in Austria in 2019

Hafsa Lamrani

Chapter Chapter 4 in Islamic Finance in Europe, 2019, pp 79-108 from Palgrave Macmillan

Abstract: Abstract The purpose of this chapter is to present an overview of Islamic finance in Austria. At a time when Islamic finance is experiencing spectacular global growth, a development that is increasingly seen in a few European countries such as the United Kingdom, Luxembourg and France, Austria is the exception. Despite the continuing struggle of several organizations over the years, says Günther Ahmed Rusznak, President of the Islamic Information and Documentation Center of Austria, the country remains far behind. Given the uncertainty surrounding the true market potential of Islamic products, as well as the prejudices that exist when it comes to Islam, many Austrian banks see these products as being ineffective. They also say that their customers have not expressed a great deal of interest in these products. Nor should we neglect to mention the Austrian legal system which is not sufficiently favorable for the development of these institutions. Indeed, Islamic finance does not have much of a future in Austria. That said, there are a few proposals for the betterment of ethical finance and Socially Responsible Investment.

Keywords: Islamic finance; Austria; Overview; Islam; Austrian banks; Ethical finance; SRI (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-030-04094-9_4

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DOI: 10.1007/978-3-030-04094-9_4

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