Islamic finance in Europe (86)

Continuation

According to market estimates, Islamic retail banking deposits among Italy’s diverse Muslim community could:

-      reach USD 5.8 billion

-      and generate revenues of USD 218.6 million

by 2015.

With these figures:

-      rising to USD 33.4 billion

-      and USD 1.2 billion

respectively by 2050.

Meanwhile, efforts have also been made by a local bank to set up a working group.

The aim of the working group was introduction of a Shari’ah-compliant home finance product.

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)