The cultural and demographic aspects of the Islamic financial system and the potential for Islamic financial products in the German market

Diploma Thesis from the year 2004 in the subject Business economics - Investment and Finance grade: 14 Stralsund University of Applied Sciences language: English abstract: The author has divided the thesis in four parts. The first chapter Chapter A - Islam - History Cultural Aspects and Principles for the Financial System introduces Islam its roots and foundation about 1400 years ago. In that chapter basic Islamic principles are explained and their relevance in all aspects of Muslim life is shown. With those principles underlying a financial system developed which is different from the Western one. The development of the financial system is described as are various Islamic financial tools explained.In Chapter B - Muslims in Germany it is shown how the Muslim community in Germany developed. It is explained when processes of migration started and to what extent they developed. The cultural and educational Status Quo of the Muslim community is analysed and it is looked at their stand concerning school work associations etc. Thereby Islamically cultural distinctions are outlined and resulting obstacles for integration deduced. Following that the financial Status Quo is looked at. Facts about Muslim savings are provided and examples of instruments available at the German market which are in compliance with Islamic law are described. Out of the outlined facts in the Status Quos a potential analyses is developed. Future scenarios about shifts in the population structure are calculated and thereby resulting changes at the labour market predicted.After the Muslim community and its financial situation is analysed Chapter C - Possibilities for Islamic Products in the German Market describes legal requirements set by German authorities as does it look at Islamic prescriptions for the running of a financial institution. Proposals are given how to harmonise differences to create possibilities for a financial system which encompasses both - conven