Before I embark on what Islamic finance means for central banking in Europe, I will have a look at the growing importance of the phenomenon, its characteristics in the context of financial stability in general and its performance during the financial crisis in particular.
Finally, I will present the achievements within my own constituency to overcome the obstacles for an accelerated and safe spreading of Islamic finance in Europe. Islamic finance: growing importance The development of modern Islamic finance roughly started more than four decades ago. At the very beginning it occupied a small niche visible in Islamic countries.