The International Organization of Securities Commissions predicts that as much as half of the savings of the world’s estimated 1.2–1.6 bn Muslims will be in Islamic financial institutions by 2015. The business model indeed could also be attractive outside the traditional Islamic territory, e.g. in Western countries with large Muslim populations, such as the UK, France or Germany.
4 According to estimates, the Muslim population in Europe currently adds up to almost 40 million 5 . Additionally, Islamic finance provides an alternative for ethical investment and can help investors independent of their religious orientation to diversify their portfolios and funding sources.