FRANCE - In France, Islamic finance is just waiting for a green light from government

fr.financialislam.com - It is predicted for 4 years an imminent issue of 'sukuk' in France. Nothing like it for now! Yet France has established a framework to accommodate Islamic finance and commercial potential is there. Obstacles to "take off", which was essentially regulatory, are not insurmountable. It is up to governments to solve them.
The absence of reality in everyday sukuks almost forget its definition. With the sukuk, it is halfway between a bond and a share of mutual funds. This is simply a debt instrument representing an interest in a project based on real assets, real estate or infrastructure. (source)

GERMANY - KL’s edge in Islamic finance - Bundesbank send representatives to Malaysia's Securities Commission for training on Islamic finance

thestaronline - German don: Malaysia’s comprehensive regulatory framework a competitive advantage

KUALA LUMPUR: Malaysia's competitive advantage in Islamic finance is its comprehensive regulatory framework, according to a German economics professor. (source)

EUROPE - Growth of “Shariah-Compliant” banking in Europe

The European Union is emerging as a major centre of Islamic finance, based on Islamic Shariah law.

The spectacular growth prospects for the Islamic financial services industry in many European countries is being fuelled by Muslim mass immigration; despite a difficult economic climate on the continent, Islamic banking is growing faster in Britain, France and Germany than it is in many Islamic countries in the Middle East and Asia.

The key role that Europe is playing in establishing Islamic finance in the West was the central theme of the 8th Islamic Financial Services Board Summit, an annual conference that promotes Islamic banking around the world. Hosted by the Central Bank of Luxembourg from May 10-13, 2011, it was the first time the event was held in a European country. (source)

UK - FRANCE - LUXEMBOURG - Fragile sukuk market clamors for sovereign issuances

The talk is big, but are potential sukuk originators walking the walk? Depending on who you speak to, the picture is mixed, marked on the other hand by the "irrational" exuberance and ambition of potential issuers, many of whom do not get near to an offering, and on the other hand those who are skeptical and indifferent based on an erroneous belief that sukuk origination is always more expensive than conventional bonds and is further complicated by the Shariah compliance requirement.

The real potential probably lies in between where issuers genuinely see sukuk as an attractive and competitive alternative way of raising funds and therefore a tool to diversify sources of funding. They would however go to the market only when the timing and the pricing is right. Such an issuance in question is the proposed issuance which is expected to be closed this week. (full story - arab news)

FRANCE - Kuwait Finance House To Elect New Chairman (plans for France)

Kuwait Finance House (KFH), the second-largest Gulf Islamic lender, will elect a new chairman after the resignation of Bader al-Mukhaizeem from the role, a local newspaper said.

Arabic paper al-Qabas said KFH's board is expected to elect Samir al-Nafisi as the new chairman and Nabil  al-Manie as the vice chairman, after the shareholders elected a new board during its annual general meeting. Al-Mukhaizeem said during the AGM that the bank is planning to successfully exit businesses in Saudi Arabia. (full story)

NEW YEARS THOUGHTS - Will dawn of new year take Islamic finance to next level?

By MUSHTAK PARKER | ARAB NEWS

Published: Jan 3, 2011 00:42 Updated: Jan 3, 2011 00:42 

The dawn of the new Hijrah year and 2011 could either signify more of the same as in the last year or a leap toward the first steps to taking the global Islamic finance industry to the next level as Malaysian Prime Minister Mohd Najib Tun Abdul Razak's government says it aspires to do.

FRANCE - THESIS - Diversification bancaire, performance, éthique : Alternative ou complémentarité ? Cas des banques islamiques

From Dr. Mohamed Ali CHATTI
Diversification bancaire, performance, éthique : Alternative ou complémentarité ? Cas des banques islamiques

UNIVERSITE PARIS OUEST - NANTERRE LA DEFENSE
INSTITUT SUPERIEUR DE - GESTION DE TUNIS
November 2010

can be downloaded HERE (French only)
courtesy of Islamic Financial Times

FRANCE - France ready to issue first Islamic bond next year

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.

FRANCE - GUIDE and POSITON on the issuance of Sukuk (AMF)

POSITION - Position AMF n° 2010-06 du 27 octobre 2010 Questions - réponses de l’AMF sur l’élaboration des prospectus sukuk et les modalités pratiques d’obtention d’un visa en vue de l’admission sur un marché réglementé

GUIDE - L’élaboration des prospectus sukuk et les modalités pratiques d’obtention d’un visa en vue de l’admission sur un marché réglementé

The Financial Markets Authority of France has issued a position paper and a guide to the issuance of Sukuk in France. (the English version can be downloaded HERE)

FRANCE - IMF - Malaysia promotes Islamic finance at international events (agreement with Banque de France)

Islamic finance is never off the agenda of Malaysian officials whenever they address international, regional or national events relating to finance and the economy. While most IDB (Islamic Development Bank) member countries shy away from promoting Islamic finance on the global agenda including the G20 meeting in Canada in July this year, and some still live in denial about the reality and efficacy of Islamic finance, Malaysia has been championing the Islamic finance agenda, sometimes to the point of embarrassment, not due to their own role but the lack of empathy from fellow Muslim countries.

FRANCE - Cooperation between BNM and Banque de France

Bank Negara Malaysia (BNM) and the Banque de France has signed a Memorandum of Understanding (MoU) for cooperation in financial services between the two countries.