Islamic finance in Europe (81)

Continuation

In 2009, Germany’s Federal Financial Supervisory Authority (BaFin) accepted a request from a foreign institution.

Based on this accepted request the conducting of banking operations within the country in accordance with Islamic financial principles was detected.

However, without a full banking licence, the range of offerings remained limited.

A follow-up conference on Islamic finance was organised by BaFin in May 2012.

The conference had a special focus on Shari’ah-compliant capital market products, of which:

-      Islamic funds;

-      Sukuk;

-      and asset-backed securities.

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)