France has been working on introducing Islamic Finance in the country for the last couple of years. One thing that really strikes especially about France is that historically they?ve been apprehensive about introducing any form of Shariah (Islamic Law) in their social framework. Just recently the issue of Muslim women wearing veils and head coverings (hijabs) raised widespread disagreements.?
In France, as in most western countries, there is strict separation of the church and the state and so all things religious stay out of the public sphere as much as possible. But still, Islamic Finance is a go.
It is quite obvious that France is looking to make a buck by introducing Islamic Finance. It is not about ?finance being done Islamically for the French Muslims.?
The Middle East is a cash-heavy region and its business owners and investors are moving towards structuring their financing and investment transactions according to Islamic Financial modes. France is hoping to absorb some of that Middle Eastern cash into their financial system.?
Recent Developments in Islamic Finance:
There are over five million Muslims in France and there is demand for Islamic financial products in the country. A few developments that took place in the last couple of years:
2007: French Finance Minister, Christine Lagarde, made it a priority to introduce Islamic Finance in the country.
?2008: The French Securities Commission (AMF) recommends Islamic investment funds.
?2009: Investment products and wholesale banking somewhat active in France.
?2011: Al Baraka group will launch its first French Islamic Bank by first half of 2012. Its paid up capital will be 100 million Euros.
A branch of?Banque Populaire du Maroc?recently started offering Islamic current accounts. They also have plans to offer Islamic Mortgages later in the year.
It would be interesting to see how the rest of the European Union reacts to this initiative.?
Source: http://www.rocheislamicfinance.com/islamic-finance-in-france/
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