Islamic finance in Europe: contemporary problems of assimilation

In today’s changing geo–economic circumstances, the Islamic finance industry is expanding beyond Muslim countries. European countries started their way to implementing Islamic finance more than 15–20 years ago. One of the goals of this implementation was to attract investment from the Persian monarchies, as well as to become a financial center not only for Old World funds but also a global center for Islamic finance.In this context, the experience of European countries such as the UK, France, Germany, and Luxembourg appears particularly interesting. However, along with positive financial results, these countries are also experiencing negative effects, fueled by a growing Muslim population, the introduction of Sharia law into their legal systems, and the emerging challenges of civilizational conflict.Â