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.

The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society.

Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.

Critical Acclaim

‘This book is a useful contribution to the increasing literature on Islamic finance. . . Although the progress of Islamic banking has been painfully slow in Europe, it is worth observing that the experience compares favourably with North America, where Islamic banking is even more limited, or the non-Muslim majority countries of Asia, notably India and China, where Islamic banking is regarded with extreme scepticism. There may be lessons that those in other parts of the world can learn from Europe’s experience of Islamic banking, limited as it is.’
– Rodney Wilson, Journal of Economics Literature

‘A thought provoking and scholarly compendium of essays on various important aspects of Islamic finance. The book is wider ranging than its title suggests; the key chapters do focus on the EU, but there are broader and particularly interesting topics including women and Islam and financial stability and development in the context of Islam. Overall a solid assessment of the progress Islamic finance has made in Europe.’
– John Presley, Loughborough University, UK

Contributors

Contributors: S.S. Ali, M. Asutay, V. Cattelan, I.-Z. Cekici, E. de Rosmorduc, J. Ercanbrack, A. Farhoush, G. Gimigliano, M. Mahlknecht, W. Menski, E.M. Napolitano, C. Porzio, D. Scolart, F. Stainier, M.G. Starita, L.M. Visconti, L. Weill

Contents

Contents:

Preface

1. Introduction. Babel, Islamic Finance and Europe: Preliminary Notes on Property Rights Pluralism
Valentino Cattelan

PART I: PLURALISM AND ISLAMIC FINANCE: CONCEPTUAL TOOLS
2. Law as a Kite: Managing Legal Pluralism in the Context of Islamic Finance
Werner Menski

3. A Glimpse through the Veil of Maya: Islamic Finance and its Truths on Property Rights
Valentino Cattelan

PART II: ISLAMIC FINANCE, ECONOMIC DEVELOPMENT AND SOCIAL INTEGRATION
4. Islamic Moral Economy as the Foundation of Islamic Finance
Mehmet Asutay

5. Financial Stability and Economic Development: An Islamic Perspective
Salman Syed Ali

6. Islamic Banking Contracts and Risk Profile of Islamic Banks
Claudio Porzio and Maria Grazia Starita

7. The Economic Impact of Islamic Finance and the European Union
Laurent Weill

8. Migrant Banking in Europe: Approaches, Meanings and Perspectives
Luca M. Visconti and Enzo M. Napolitano

9. Women’s Empowerment and Islam: Open Issues from the Arab World to Europe
Deborah Scolart

PART III: ISLAMIC FINANCE IN EUROPE: ACCOMMODATING PLURALISM IN STATE LEGISLATIONS
10. Islamic Banking in the European Union Legal Framework
Gabriella Gimigliano

11. Regulating Islamic Financial Institutions in the UK
Jonathan Ercanbrack

12. Luxembourg: A Leading Domicile for Shari‘ah Compliant Investments
Eleanor de Rosmorduc and Florence Stainier

13. Managing Islamic Finance vis-à-vis Laïcité: The Case of France
Ibrahim-Zeyyad Cekici

14. A Critical View on Islamic Finance in Germany
Azadeh Farhoush and Michael Mahlknecht

15. The Development of Islamic Banking in Turkey: Regulation, Performance and Political Economy
Mehmet Asutay

16. Conclusions. Towards a Plural Financial System
Valentino Cattelan

Index