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Follow on Google News | Is Islamic Finance Collapsing in Germany?Low Muslim Income and Lack of Agreement among Sharia Scholars as Intrinsic Barriers to Islamic Financial Products
“The present failure of Islamic financial products in this country cannot be attributed to lack of support by policy and the authorities,” As is explained in the working paper — referring to scientific studies — it is not just the limited income of the Muslim community that is important. A third of the Turks living here invest in real estate in Turkey, and barely a fourth in real estate here. Not even a fifth admit to having a savings account in Germany. There is practically no investment in other methods of saving, including Turkish, Islamic financial products. On the part of the vendors, according to Schönenbach, there is the problem that the role of the Shariah scholars has not been satisfactorily clarified. She says, “There are hardly any clear guidelines for fatwas; Islamic legal opinions and the various authorities are contradictory. Additionally, there is often a lack of economic knowledge and lack of independence in financial institutions. The scholars as a whole must produce transparency about the values of Islamic finance and Shariah, and for the non-Muslim public as well. You will find the discussion paper at http://www.stresemann- End
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