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Paris seeks to become Islamic finance hub in Europe

zawya

Published On: 29/4/2012 A.D. - 7/6/1433 H. Visited: 14143 times

A report prepared by KFH-Research stated that new global markets are seeking to join the main players in the Islamic financing industry and services, such as France. France is working relentlessly to make numerous legal and organizational reformations to facilitate the offering of Islamic financial services and products.

The report added that there is great potential for growth in the field of Islamic financial services in France, since France seeks to become a hub for Islamic banking in Europe. It noted that 1.5 million clients are willing to use Islamic banking tools and products, which equals USD 18.2 billion. In addition, French authorities have offered strong support to develop Islamic banking services, not to mention the high number of Muslims living there who seek Islamic banking services. However, the report mentioned that some legislations need to be amended.

The Islamic finance industry has grown by more than 10% per annum over the past decade to reach approximately USD1.3tln in 2011. Growth has been mainly driven by growing demand for ethical and Shariah-compliant products and services, encouraging demographics and a regulatory push given domestic demand in Muslim countries but also new territories such as the Far East and Europe, many of which are currently in the midst of implementing appropriate regulatory and legal reforms that would facilitate the provision of Islamic financial products and services.

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