Islamic finance in Europe (20)

Continuation

The author writes that:

The on-going expansion of this financial market still tends to be confined to Muslim investors.

As well as to the:

§  Gulf States:

-      Bahrain;

-      Iraq;

-      Kuwait;

-      Oman;

-      Qatar;

-      Saudi Arabia;

-      United Arab Emirates

§  and some Asian emerging countries (i.e. Malaysia and Indonesia)

(see: Aziz, 2012)

The industry, however, has started targeting non-Muslim clients in the 1990s.

Thus, Islamic financial companies began operating in Western countries (see Section 2).

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)