FRANCE - Paris seeks to become Islamic finance hub in Europe

www.zawya.com - A report prepared by KFH-Research stated that new global markets are seeking to join the main players in the Islamic financing industry and services, such as France. France is working relentlessly to make numerous legal and organizational reformations to facilitate the offering of Islamic financial services and products.
The report added that there is great potential for growth in the field of Islamic financial services in France, since France seeks to become a hub for Islamic banking in Europe. It noted that 1.5 million clients are willing to use Islamic banking tools and products, which equals USD 18.2 billion. In addition, French authorities have offered strong support to develop Islamic banking services, not to mention the high number of Muslims living there who seek Islamic banking services. However, the report mentioned that some legislations need to be amended. (source)

UK - Specialist proposes fatwa bypass on Islamic products

www.ftadviser.com - UK investors should consider self-certification of Sharia products to bypass the lengthy approval process, a leading designer of Islamic finance propositions has claimed.

Trevor Norman, director of Jersey-based fiduciary specialist Volaw Trust and Corporate Services, was speaking at the International Islamic Banking Finance summit in London. He suggested that UK investors and their advisers should be allowed to research products themselves instead of having to obtain a fatwa, or judgement, from a Sharia board. (source)

UK - GCC investments in Jersey total $31.37bn

The not-for-profit Jersey Finance opens Abu Dhabi office to tap Gulf wealth from family offices and high networth individuals even as currency fluctuations erode values.

As much as $31.37 billion of investment from the Gulf Cooperation Council (GCC) nations is parked on a 45-square-mile speck on the world map. (full story)