For a country that is a member of the euro area, like Italy, they also look at its relationship with the European institutions and EU legislation, because any 10  deterioration in these relationships is a sign of an approaching expectation of a default, even a unilateral abandonment of the euro area. Therefore Europe is important, but only indirectly.
In conclusion, it should be clear that there is a great deal of work to be done to ensure that the foundations of the Islamic financial industry are sufficiently strong to support the very much bigger structure that now stands upon them.