This timely book examines the authorization of Shari?ah-compliant intermediaries as either credit institutions or as investment companies in the European Union.The contributing authors explore the key topics of this area through differing yet parallel perspectives ? for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive.This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.

"Precisely the kind of book that Western economists have been waiting for."-John Presley, former professor of economics, University of Loughborough A systematic and rigourous exposition of various aspects of the economics of Islam. These essays not only provide an overview of the various dimensions of Islamic economics but also convincingly establish the viability of the application of these concepts in the contemporary set-up. The analysis presented in this book also establishes the amenability of Islamic economics to scientific investigation and hence its conclusions and analysis directly comparable with what is known as the science of Economics. The scope of this book as well as the analytical and rigorous approach used in presenting Islamic economics makes this a useful and perhaps the only book so far available that can be utilized as teaching material in graduate programs in universities both in the East and the West where this subject is taught. It fulfills the need of graduate students of economics in that it provides rigorous reading material to assist them in their course work or in pursuing their own research on the subject. M. Fahim Khan is the president of the Islamic Society of Institutional Economics at the International Institute of Islamic Economics, Islamabad, Pakistan, and is the author of ten monographs on Islamic economics.