Islamic finance in Europe (3)

Continuation

SUMMARY

The authors of this research paper do introduction to the topic with a general role of the Islamic finance.

They note that, an Islamic financial system is one that complies with Islamic religious law (i.e. the Shari’ah).

Islamic finance has become an important part of the international financial system.

It was, certainly, one of its fastest growing components over the last decades.

In the wake of the financial crisis, there has been a renewed debate on the role of Islamic finance.

So, Islamic finance can play in the stabilization of the global financial system.

This related to the strong ethical principles on which this type of finance is based.

This paper aims to contribute to the debate by examining the development of and possible prospects for Islamic finance, with a special focus on Europe.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)