Belgians keen on Islamic finance (By IFN)

Belgians keen on Islamic finance

Daily Cover

BELGIUM: A new report out of Belgium has noted the surprisingly ample opportunities for Islamic finance in the European country. The report, entitled ‘Islamic Finance in Belgium - Sizing the Retail Market’, a joint collaboration between Association for the Development of Islamic Finance (ADEFI) and the Islamic Finance Advisory & Assurance Services (IFAAS), has noted that over 70% of survey respondents interviewed for the study indicated interest in Islamic banking, if and when local banks begun offering them. The report took a systematic look at Belgium-based Muslims’ views and interests towards both Islamic and conventional banking offerings, spanning a variety of products including saving accounts, financing options and Takaful. Boubkeur Ajdir, a project director at IFAAS, said that the report has given Belgium’s decision-makers the push to begin developing their own Islamic offerings. “Islamic finance is a developing market in Europe including France and Belgium, and with Brussels as the heart of the EU, it offers great potential to financial services companies. The challenge for decision-makers is to ensure that their early critical decisions are based on accurate market information to ensure long-term success. This report will prove invaluable for many institutions keen to unlock this potential.” Some might see London as the sleeping giant of European Islamic finance and Ireland as a listing haven but with these new findings, maybe it is time that Belgium captures some of the spotlight.