Abstract
The integration of Islamic communities within the European Union necessitates an examination of the distinctive characteristics inherent to Islamic religious communities. Indeed, religious law also prescribes provisions on economic matters, which are mainly embodied in the prohibition of lending at interest (ribà) in banking transactions. This prohibition should be understood as an ethical principle designed to guarantee the fairness of trade and to safeguard the values of solidarity. Consequently, Islamic communities have had to grapple with the concept of financial exclusion, namely the inability to access products and services available in the conventional market in accordance with their religious principles. In particular, Islamic communities experience a genuine conflict of loyalties in non-Muslim contexts due to the offerings of conventional banks that are not Shari’ah-compliant. In order to overcome this difficulty and meet a demand that is an expression of religious affiliation and ultimately a mode of exercising religious freedom, it is possible to implement Islamic finance in diaspora territories. The challenge of identifying Shari’ah-compliant intermediaries in Europe presents a significant obstacle for Muslim worshippers, as they are unable to utilise re-entrant services and products that are typical of European financial systems. In light of the constitutional charters that aim to safeguard the enjoyment of civil rights in accordance with effective integration programmes, banking can also serve as a valuable instrument for fostering social inclusion.
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Religious Community and Socialization
KEYWORDS
ISLAM, DIASPORA, MARKETS, RELIGION, RIGHTS
