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 14: A critical view on Islamic finance in Germany

Azadeh Farhoush and Michael Mahlknecht


Despite a potential market for Islamic financial products in Germany, as recently documented by Farhoush and Schmidt (2011), little progress has been made until now in the national Shari‘ah compliant marketplace. This lack in improvement seems to contrast with the favour towards Islamic finance expressed by the German Federal Financial Supervisory Authority (BaFin), whose ‘officials, including its president Mr Jochen Sanio, repeatedly signalled their willingness to support Islamic banking’ (Schönenbach, 2011). At the same time, in order to understand the lack of progress in the German Islamic finance market, we have to consider the overall institutional attitudes towards Islamic finance along with the attitudes within the Muslim population. Are German institutions overly inflexible towards new products or paradigms? Are such products allowed or profitable under existing German laws and regulations? How do legal constraints effect the introduction of new products?

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.