Antoine Saillon
The past four weeks have been decisive in the French history of Islamic finance wi th two major pieces of news.
The first is that Chaabi Bank Europe, the European subsidiary of the Moroccan bank, announced the launch of the first French retail banking products on the 25th June.
Even though these products remain quite basic and the distribution network still needs to adapt to this new
product line, it is a significant leap forward for the French market.
Over the past three years, several non-French licensed banks have considered applying for a banking license in France to sell Islamic products. None ever succeeded in meeting the Prudential Supervisory Authority (ACP) requirements.
Chaabi Bank, however, is a long established bank in France, licensed and regulated by the ACP since 1972.
This has probably been a key factor in their ability to obtain a green light from the ACP for this launch. (full article)
source: http://ddata.over-blog.com/4/08/16/46//IFN-report-July-2011.pdf
No comments:
Post a Comment