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Status of Islamic Finance in Austria in 2019

  • Hafsa Lamrani
Chapter
Part of the Palgrave Studies in Islamic Banking, Finance, and Economics book series (IBFE)

Abstract

The purpose of this chapter is to present an overview of Islamic finance in Austria. At a time when Islamic finance is experiencing spectacular global growth, a development that is increasingly seen in a few European countries such as the United Kingdom, Luxembourg and France, Austria is the exception. Despite the continuing struggle of several organizations over the years, says Günther Ahmed Rusznak, President of the Islamic Information and Documentation Center of Austria, the country remains far behind. Given the uncertainty surrounding the true market potential of Islamic products, as well as the prejudices that exist when it comes to Islam, many Austrian banks see these products as being ineffective. They also say that their customers have not expressed a great deal of interest in these products. Nor should we neglect to mention the Austrian legal system which is not sufficiently favorable for the development of these institutions. Indeed, Islamic finance does not have much of a future in Austria. That said, there are a few proposals for the betterment of ethical finance and Socially Responsible Investment.

Keywords

Islamic finance Austria Overview Islam Austrian banks Ethical finance SRI 

Abbreviations

ABNIC

Al Buhaira National Insurance Co

AG

Aktiengesellschaft

BASF

Badische Anilin- & Soda-Fabrik

BAWAG PSK

Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse

BMF

Bundesministerium für Finanzen

BMUKK

Bundesministerium für Unterricht, Kunst und Kultur

BWG

Bankwesengesetz

CEE

Central and Eastern European

EAU

Emirates Arabes Unies

EMRK

Europäischen Menschenrechtskonvention

FMA

Finanzmarktaufsicht

FMI

Finanzmarktaufsicht

GRC

Charta der Grundrechte

IGGiÖ

Islamische Glaubensgemeinschaft in Österreich

IIDZ

Islamisches Informations- und Dokumentationszentrum

OeNB

Oesterreichische Nationalbank

OeKB

Österreichische Kontrollbank

OMC

Organisation Mondiale du Commerce

ON

Österreichischen Normierungsinstitut

RBI

Raiffeisen Bank International

RZB

Raiffeisen Zentralbank Österreich

SRI

Social Responsible Investment

TKG

Türkische Kulturgemeinde

UE

Union Européenne

WKO

Wirtschaftskammer Österreich

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Hafsa Lamrani
    • 1
  1. 1.LudwigshafenGermany

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