Participation Banking in European Context
The purpose of this study is to find a common ground for participation banking in Europe, by explaining a new way of banking practice which has its roots in the European business tradition of partnership, investment, trading and providing services, as well as the status of usury in Christian, Jewish and other traditions. It deals with questions related to the openness of European societies to this invention of Islamic culture, the main characteristics of participation banking, its benefits, the chances for building better relations with the Muslim world, and the possibilities of participation banking in non-Muslim environments. It is concluded that participation banking is an opportunity for rather than a threat to, Europe which will open new dimensions for the banking industry, diverse responsibility, bring people together, increase competition and bring better services with more competitive prices and, what is quite important is that it might activate the savings of European Muslims that are currently out of the banking system.
International Burch University