Abstract
The article is dedicated to the peculiarities and specificities of Islamic finance in Europe. We considered the prime tools of the Islamic economical system, historical aspects of the Islamic finance appearance in Europe. We also investigated the prospects of implementing and development of Islamic finance in Europe and in Ukraine.
Highlights
Up to date, a clear definition of the concept of “Islamic finance” is almost absent in the economic and in legal sciences
Islamic finance is a special type of money and debt relationship that do not contradict a traditional Muslim law (Sharia), between economic units that suffer a shortage of the financial resources, on the one hand, and they have spare cash, on the other hand
With due time in Britain and France, where in early 2000s the issue about the development of Islamic finance was considered, some representatives of liberal parties and members of parliament sounded a note of warning that the development of Islamic banking facilities would mean the introduction of the Sharia in some European countries
Summary
A clear definition of the concept of “Islamic finance” is almost absent in the economic and in legal sciences. Islamic finance is used almost throughout the world as the local financial institutions, as well as internationally active banks and investment trusts.
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