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Challenges facing the development of Islamic finance in Western Europe

In: Islamic Finance in Eurasia

Author

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  • Rihab Grassa

Abstract

Islamic finance has been gaining popularity in Western Europe in recent years among Muslim customers and those who are seeking ethical and socially responsible investment options. Despite that a number of banks and financial institutions in Western Europe have started offering Islamic finance products and services, such as Islamic mortgages, savings accounts, and investment funds, with several challenges still facing the development of Islamic finance in Western European countries. While traditional banking will continue to exist, albeit without the bright possibilities of new Islamic finance tech solutions, it appears that new technologies are the way forward, particularly for the Islamic finance sector. A young generation of integrated and high-performing Muslims in Western Europe could be persuaded to investigate not just new digital alternatives to traditional banking but also Islamic banking. Traditional Islamic banking has not yet been able to increase its client base in retail banking.

Suggested Citation

  • Rihab Grassa, 2024. "Challenges facing the development of Islamic finance in Western Europe," Chapters, in: M. K. Hassan & Paolo Biancone & Aishath Muneeza (ed.), Islamic Finance in Eurasia, chapter 12, pages 252-263, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22161_12
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035308705.00022
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