The Development of Islamic Finance in Europe and the Case of the United Kingdom

Abstract

The aim of this study is to reveal the situation of Islamic financial institutions and Islamic financial assets, which have developed in parallel with the increase in the Muslim population in the United Kingdom in the 21st century, with a new perspective by using up-to-date data. For this purpose, firstly, new data on the current Muslim population in Europe and the United Kingdom were analyzed. Secondly, Islamic financial institutions and Islamic financial assets operating in the United Kingdom are emphasized. The Islamic finance data available in the region is compiled and the acceleration of the sector is pointed out. In the last part, besides the increase in the Muslim population, other factors that accelerate the development trend of Islamic finance are discussed. It is expected that the study will contribute to the literature due to its up-to-dateness.