Development of Islamic Finance in Europe

UK opens first Islamic retail bank

Luxembourg opens first family-owned Islamic insurance operator

Germany issues its first Islamic bond

French government makes amendments to laws in order to facilitate sukuk issuances

France introduces first Islamic deposit scheme through an Islamic window in a conventional bank

France introduced its first Islamic home finance product

Germany's Federal Financial Supervisory Authority (BaFin) accepted a request from a foreign institution to conduct banking operations within the country in accordance with Islamic principles

Luxembourg becomes the first EU jurisdiction to adopt Undertakings for the Collective Investment of Transferable Securities IV

Central Bank of Luxembourg becomes the first EU Central Bank to become a member of the Islamic Financial Services Board

Major German bank launches trading platform in Luxembourg to facilitate for issuance of Islamic securities

London Metal Exchange provides first Shari'ah-compliant overnight deposit facilities based on murabahah principle

First corporate sukuk in Europe/UK

UK Government establishes its first Islamic Finance Task Force

UK's Chancellor of the Exchequer abolishes the double taxation, affecting Islamic mortgages

The first Islamic Bank is licensed by the Financial Services Authority, the Islamic Bank of Britain

First Islamic investment bank is licensed by the Financial Services Authority, the European Islamic Investment Bank