With an estimated 7 million individuals, France has the largest muslim population in the western world, hosting 30% of Europe’s muslims. The country has a significant and underserved market for shari’ah compliant financial products, and is well positioned to become a leading market in the western world. Over the past decades, the regulatory framework has evolved, with tax clarifications on Murabaha, Sukuk, Ijara, and Istisna’ contracts, enabling to offer a few shari’ah-compliant solutions. However, penetration remains limited, and most clients indicate that the existing offer does not meet their needs, as they are looking for more solutions in SME financing, savings account, and car financing.​ The sector has seen accelerated growth since 2020, driven by the emergence of fintechs, new products, and the expansion of participatory investment platforms and specialized advisory firms. The number of trained professionals and dedicated structures is increasing, but dependency on third-party solutions and the lack of SME-focused offerings remain key issues for the market.​ Looking ahead to 2025–2028, Islamic finance in France is expected to further diversify, and success will depend on the ability to deliver competitive, secure, and tailored products, while also boosting awareness and professional training across the market. This report aims to provide a comprehensive overview of the French market landscape for Islamic finance, examining both the history, the existing market and the untapped potential.

SBSC draws on a wealth of expertise and a network of partners to offer you high-quality suppor and tailor-made solutions that align with your convictions.