“We still have to work on some issues for it [Islamic bond or sukuk] but it’s a matter of weeks and then we will be ready in the beginning of 2011,” Thierry Dissaux, who is also Chief Executive of the French Deposits Guarantee Fund, told Khaleej Times on the sidelines of a financial forum in Dubai on Wednesday.
“There are already some project, but it is too early and difficult to say about issuers,” Dissaux said.
“We already did some big steps to promote Islamic finance in the country during 2010,” he said, adding: In August some guidelines for certain financing structure including sukuk, ijara and murabaha were approved by the regulators.
For some other structures such as mudarba, salem, wakala and musharaka are under consideration for approval soon, he added. Earlier addressing the Paris Europlace International Financial Forum 2010, Dubai International Financial Centre (DIFC) Chief Economist Dr Nasser Saidi said the Centre would like to work with Europlace to set up the legal and regulatory framework for Shariah compliant products and services in France and continental Europe, and gave an example where the DIFC would be able to facilitate the issue and listing of Sukuk and other Shariah compliant securities by French companies and by the Government of France.
Dr Saidi emphasised that the DIFC has a lot to offer the French business community and was confident in the success of the partnership. With its deep pool of wealth, the region offers an exciting opportunity for French companies seeking to grow, with the DIFC constituting their ideal launch platform, he added.
He also emphasised the increasing importance of emerging markets, as they have become the main engine of world growth during the last two years while advanced economies experienced a deep contraction, unseen since the Great Depression.
He explained that the tectonic shift of the world economy towards the East is highlighted by the new role of emerging markets, which contributed for more than two-thirds to global economic growth since 2002, as well as a similar share of both the growth in world trade and foreign direct investment.
He also pointed out that most foreign direct investments (FDI) are now South-South, with the Middle East being the second fastest growing region in the world for FDI. He further underscored that emerging economies have developed an endogenous capacity to grow decoupling from mature economies.
Paris Europlace, the association representing the global finance, investment and related business community of Paris, France and DIFC have jointly organised the Financial Forum in Dubai.
Source : DUBAI — France will be ready to issue the first Islamic bond issue early next year as the legal framework is in final stage, a former special adviser to financial affairs at the French Treasury said in Dubai on Wednesday.
“We still have to work on some issues for it [Islamic bond or sukuk] but it’s a matter of weeks and then we will be ready in the beginning of 2011,” Thierry Dissaux, who is also Chief Executive of the French Deposits Guarantee Fund, told Khaleej Times on the sidelines of a financial forum in Dubai on Wednesday.
“There are already some project, but it is too early and difficult to say about issuers,” Dissaux said.
“We already did some big steps to promote Islamic finance in the country during 2010,” he said, adding: In August some guidelines for certain financing structure including sukuk, ijara and murabaha were approved by the regulators.
For some other structures such as mudarba, salem, wakala and musharaka are under consideration for approval soon, he added. Earlier addressing the Paris Europlace International Financial Forum 2010, Dubai International Financial Centre (DIFC) Chief Economist Dr Nasser Saidi said the Centre would like to work with Europlace to set up the legal and regulatory framework for Shariah compliant products and services in France and continental Europe, and gave an example where the DIFC would be able to facilitate the issue and listing of Sukuk and other Shariah compliant securities by French companies and by the Government of France.
Dr Saidi emphasised that the DIFC has a lot to offer the French business community and was confident in the success of the partnership. With its deep pool of wealth, the region offers an exciting opportunity for French companies seeking to grow, with the DIFC constituting their ideal launch platform, he added.
He also emphasised the increasing importance of emerging markets, as they have become the main engine of world growth during the last two years while advanced economies experienced a deep contraction, unseen since the Great Depression.
He explained that the tectonic shift of the world economy towards the East is highlighted by the new role of emerging markets, which contributed for more than two-thirds to global economic growth since 2002, as well as a similar share of both the growth in world trade and foreign direct investment.
He also pointed out that most foreign direct investments (FDI) are now South-South, with the Middle East being the second fastest growing region in the world for FDI. He further underscored that emerging economies have developed an endogenous capacity to grow decoupling from mature economies.
Source : http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2010/December/business_December279.xml§ion=business&col= - Dec 16, 2010
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