IslamicFinance.de

17% of the whole European population live below the poverty line of European countries, a number which is increasing due to the current European financial crisis and unemployment. The major portion of European poverty prevails in eastern European countries where more than 20% people are suffering from poverty. This issue can be addressed through introducing Islamic microfinance in Europe, which not only results in the better financial condition of the poor but also in improved health, education, employment creation, enhanced capacity and long lasting sources of income. In order to strengthen the Islamic microfinance, however, legal and regulatory regimes of Islamic microfinance institutions are needed.