An approach to Islamic Finance in Spain

Abstract

Islamic finance systems are a new way of raising funds for families, companies and public institutions. This kind of system has its origin in the Middle East and Asia, but it is gaining customers all over the world due to the growth of Islamic economies and the problems of traditional financial systems in Western countries. Therefore, having into account the problems to get credit by SMEs in Spain Islamic Finance is a new open way for entrepreneurs, as well as for corporations and the whole society. This new financial resource has strict principles based on the Sharia'a, the Muslim law that regulates the transactions in Arab society. This fact could be a key point in order to develop a business structure in Spain, as a consequence of the spoiled reputation of traditional banks.