“We will adapt our legal environment so that the stability and innovation of our financial center can benefit Islamic finance. These words from Ms. Christine Lagarde, former French Minister of the Economy, Industry and Employment, reflect the interest we have in Islamic finance today. This finance could bring in 100 billion euros for France indicates the Jouini-Pastré report (2008) entitled "Challenges and opportunities for the development of Islamic finance for the Paris market: ten proposals to collect 100 billion euros". Reading the title of this report, one can quickly grasp the scale of the economic stake that Islamic finance represents for the countries of the European Union.

What is certainly unfortunate is that it took a financial crisis for Islamic finance to be propelled to the front of the European economic scene when we are almost more than a century away from a Muslim presence in Europe. It is thus fair to ask the question whether this legal-fiscal adaptation to accommodate Islamic finance is really made to serve the European populations of Muslim faith who today represent 5% of the population of the European Union and who aspire to financial products more in tune with their religious convictions. Demographers even predict that by 2050, 20% of Europe's population will be Muslim. Isn't it Europe's duty to adapt its financial system so that all of its citizens can exchange views while respecting their values? The reality to this day is different. Indeed, the economies of developed countries (including the countries of Europe), especially in the context of the global financial crisis, need financing more than ever if they want to maintain a certain level of growth in their countries, preserve jobs in their businesses and continue to invest in the infrastructures of tomorrow. This is the reason why several world capitals began, very early on, to adapt their legislation to attract this financial windfall. In Germany, England and even more in France, with more than 6 million Muslims, a demand for Islamic financial products exists, both for the financing of real estate investment of individuals, as for investments in accordance with the precepts of the Koran. Although a 1999 fatwa from the European Research Council and the fatwa authorizes in France the loan at interest for the purchase of a principal residence, many Muslims would prefer to use a means other than traditional credit, even if, through ignorance of the phenomenon, the demand has not yet been fully expressed. Some go so far as to make the comparison with the consumption of "hallal" meat, an embryonic market barely ten years ago, and which, entering into the habits of Muslims, currently represents nearly 10% of national meat consumption.

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On the supply side, some factors are favorable, but others are still holding back its development. In 2010, Islamic finance was estimated at nearly $ 1 trillion in assets and its growth in the next five years is reported to be twice as fast as that of conventional finance. In addition, the potential market of the Islamic financial industry would currently only be exploited  18% ($ 700 billion out of an estimated potential of $ 4 trillion).