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Islamic Finance in Spain

In: Islamic Finance in Europe

Author

Listed:
  • Germán Rodríguez-Moreno

    (IE Business School)

Abstract

This chapter discusses the state of play of Islamic finance in Spain today. The chapter is divided into four sections. Section 11.2 looks at the rich Islamic legacy, particularly the development and flourishing of waqf in Al-Andalus, that makes Spain unique in the whole of Western Europe; and yet, today Islamic community does not benefit from it. Section 11.3 discusses the prospects of Islamic finance in a country where this industry is yet to set foot. On the other hand, Sect. 11.4 looks at Takāful as the one constituent pillar of Islamic finance that would have a realistic opportunity of implementation by way of taking advantage of a culture of mutual insurance which exists in Spain. All this in a context of crisis in Takāful which, paradoxically, may provide Spain with an opportunity. Finally, Sect. 11.5 looks at the one area which has seen growth in Spain: Islamic finance in academia. The premise and conclusion of the chapter is that, to the extent that Islamic finance has a future in Spain, it will have to be based on an ambitious and daring agenda, namely, that of presenting Islamic finance as a social impact solution.

Suggested Citation

  • Germán Rodríguez-Moreno, 2019. "Islamic Finance in Spain," Palgrave Studies in Islamic Banking, Finance and Economics, in: Mohyedine Hajjar (ed.), Islamic Finance in Europe, chapter 0, pages 271-289, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-04094-9_11
    DOI: 10.1007/978-3-030-04094-9_11
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