Abstract
The aim of this paper is twofold. The first aim is to demonstrate that Islamic finance
is an alternative to conventional finance in the western world. Often viewed as a
religious service in non-Muslim countries, Islamic finance has been excluded from
economic funding, unfortunately. This exclusion is partly linked to a lack of
knowledge about Islamic finance in Europe. Most of the time, Islamic finance is
associated with Islamic religion without taking into account economic concerns.
An exercise of comparison between Islamic principles and various monetary
schools of thought demonstrates that there are similarities between them and that
Islamic finance cannot be perceived without understanding core economic and
financial rules. The second aim of this paper is to evaluate the position of Islamic
finance as ethical finance in Luxembourg and its various perspectives. The main
conclusions are 1) Islamic finance should be studied through an economic prism,
2) Islamic finance in Luxembourg has steadily increased but, 3) its share in financial
instruments is still very low despite the openness towards non-conventional finance
funding in Luxembourg.
Dr. Sabbah Gueddoudj. (2019) Islamic Finance: History, Theory and Development in Luxembourg, Islamic Banking and Finance Review, Volume 6, Issue 1.
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