Senate Looks at Easing Limits on Muslim Finance

More news stories on France

ADNkronos International (Rome), December 23, 2008

The French Senate is looking at ways to eliminate legal hurdles, particularly levies, for Islamic financial services and products in France and the potential for listing companies on the Paris Stock Exchange. The Senate said its initiative was consistent with recommendations from a report on Islamic finance prepared by the Financial Affairs Commission last May.

The report stressed the great importance of Islamic finance in France and indicated the legal amendments required at a financial level to adapt French laws to the Islamic financial system.

Senate sources said that this area of the financial market was worth from 500 to 600 billion dollars and could grow by an average 11 percent a year.

Last month French Finance Minister Christine Lagarde announced France’s intention to make Paris “the capital of Islamic finance” and announced several Islamic banks would open branches in the French capital in 2009.

Lagarde said at least three banks had requested permission to operate in France—the Qatar Islamic Bank, the Kuwait Finance House and the Al Baraka Islamic Bank of Bahrain.

According to an opinion poll condcuted last May, around 500,000 French Muslims are interested in Islamic banks.

Original article

(Posted on December 29, 2008)

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Comments

1 — q wrote at 7:06 PM on December 29:

“French want to make Paris “the capital of Islamic finance.”

I’m wondering what airhead multicult is thinking he can pursue monetary ambitions for a group of foreigners, when his own financial institutions are in danger of going under.

This economic catastrophe is something I think the multicults believe is just smoke and mirrors, and they can gleefully continue with their big spending programs for the importation of people who want to destroy them.

2 — Anonymous wrote at 8:47 PM on December 29:

Making France the capital of muslim finance sounds good to me, because I like the idea of being as far from the capital of muslim finance as possible.

3 — Anonymous wrote at 8:56 PM on December 29:

So it will be easier for terrorists to fund each other and make finance transactions?

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