The Spanish Ministry of Justice considers a reform of the Islamic representation in
Spain to be necessary for the application of the future Law of Religious Freedom.
Currently there are 28 Islamic federations officially registered, but only two are part of
the CIE (The Spanish Islamic Commission). The government is threatening to cancel
the CIE financing as a measure to force the unification of the Islamic representation.
The Spanish Muslim Federation, or FME, has requested admission into the Spanish Islamic Commission, or CIE, the organization that represents Muslim communities throughout Spain.
The CIE was created in 1992 when the two oldest Muslim federations in Spain, the UCIDE and FEERI, signed an agreement of cooperation with the Spanish government.
The FME is an Islamic federation primarily composed of coverts and was created in 2006 as a result of a FEERI breakup.
Islamic finance is coming to Spain, where an estimated two million possible clients await in its potential market. The Halal Institute, the center of Islamic quality certification in Cordoba operating under the Spanish Islamic Commission, plans to sign an agreement for the creation of an Islamic current account with the Sa Nostra building society. Since 2006, the Halal Institute has been in talks with numerous banks on the issue of introducing Islamic finance. Some market analysts have forecasted that Islamic banking will be one of the cornerstones of a credit system re-launched by a worldwide recession and mounting discontent over market management. Islamic banking partnered between the Halal Institute and Sa Nostra is planned to be launched shortly, beginning first in the Spanish archipelago; a specific date has not yet been announced.