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Status of Islamic Finance in Austria in 2019

In: Islamic Finance in Europe

Author

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  • Hafsa Lamrani

Abstract

The purpose of this chapter is to present an overview of Islamic finance in Austria. At a time when Islamic finance is experiencing spectacular global growth, a development that is increasingly seen in a few European countries such as the United Kingdom, Luxembourg and France, Austria is the exception. Despite the continuing struggle of several organizations over the years, says Günther Ahmed Rusznak, President of the Islamic Information and Documentation Center of Austria, the country remains far behind. Given the uncertainty surrounding the true market potential of Islamic products, as well as the prejudices that exist when it comes to Islam, many Austrian banks see these products as being ineffective. They also say that their customers have not expressed a great deal of interest in these products. Nor should we neglect to mention the Austrian legal system which is not sufficiently favorable for the development of these institutions. Indeed, Islamic finance does not have much of a future in Austria. That said, there are a few proposals for the betterment of ethical finance and Socially Responsible Investment.

Suggested Citation

  • Hafsa Lamrani, 2019. "Status of Islamic Finance in Austria in 2019," Palgrave Studies in Islamic Banking, Finance and Economics, in: Mohyedine Hajjar (ed.), Islamic Finance in Europe, chapter 0, pages 79-108, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-04094-9_4
    DOI: 10.1007/978-3-030-04094-9_4
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