Islamic Finance in Europe
Show Less

Islamic Finance in Europe

Towards a Plural Financial System

Edited by Valentino Cattelan

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 4: Islamic moral economy as the foundation of Islamic finance

Mehmet Asutay


The reform movement in the Muslim world can be traced back to the mid-nineteenth century and the search for authentic Islamic institutions has dominated the objectives of the reform movements of the Muslim societies since the beginning of the twentieth century. In the case of financial institutions the major developments have taken place in the last quarter of the twentieth century in the form of Islamic banks and financial institutions (IBFIs). With the establishment of the first Islamic bank (IB) in 1975 in the Gulf region the institutional development of Islamic banking took the ‘commercial form’ as opposed to the short-lived experience of Islamic social banking in the case of Mit Ghamr in Egypt in the 1960s. Since the first IB in 1975, IBFIs have not only successfully expanded in their asset bases, diversity and sophistication of products they offer but also in terms of numbers of such institutions. An important reason for the success of IBFIs is that they managed to find ways into the financial centres of the Western world as well; the UK, France, Germany and Luxembourg being amongst other countries that have attracted IBFIs.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.