Islamic Finance in Europe - RSCAS policy paper by Rodney Wil
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 278 finance 136 shariah 128 european 89 banking 81 europe 76 banks 75 compliant 71 financial 71 investment 68 sukuk 61 management 56 london 55 gulf 44 university 39 fund 38 based 35 rscas 32 services 32 asset 31 conventional 31
DOCUMENT KEY POINTS
- issn C european university institute for musmine printed in italy in december european university institute badia fiesolana i a san domenico di fiesole fi italy www dot eui
- the programme aims at establishing itself as the european level reference point and information repository for work in this area taking as its task the diffusion of data and information on the muslim minority presence in europe to a wide range of interested audiences academics the media the political sphere ngos and relevant institutions at the local national and european levels
- eu rscas publications musmine muslim minorities in europe musmine is an innovative research programme set up by the european university institute rscas in collaboration with ethnobarometer consiglio italiano per le science sociali css
- the european university institute and the robert schuman centre for advanced studies are not responsible for the proposals and opinions expressed by the author s
- this series aims to disseminate the views of a person or a group on a particular policy matter specifically in the field of european integration
- finally future prospects for islamic banking and finance in europe are assessed notably the provision of shariah compliant services for continental european muslims and the possible implications of turkey s accession to the european union will be examined although there the fortunes of islamic finance have been rather mixed
- although islam is sometimes viewed as prescriptive and concerned with restricting choice islamic finance is about widening choice and in particular about providing alternatives to interest based finance
- effectively the structure is a sale and lease back arrangement with the foundation serving as a special purpose vehicle spv which is wound up on termination of the sukuk when the usufruct rights revert back to the ministry of finance which no longer pays rent to service the investors
- cited in islamic finance information service isi emerging markets subscription website michael saleh gassner a sukuk breathes new life into federal state islamic banking and finance magazine december
- the major early development was the establishment in of the dar al maal al islami trust in geneva largely due to an initiative by prince mohamed al faisal the member of the house of saud and one of the leading long term supporters of islamic finance who was responsible for the founding of the faisal islamic banks of egypt and the sudan
- the aim was to re cycle so called petroleum dollars into financial assets that could provide future income and capital appreciation so that future generations in the oil rich states in the gulf could continue to enjoy prosperity once oil supplies became depleted
- comparable institutions such as investment dar and the international investor of kuwait or arcapita of bahrain which have a mandate to ensure all their investments are shariah compliant have arguably a stronger marketing presence in the gulf but they lack the capacity and skill set to invest in europe in a sustained manner apart from one off transactions such as the acquisition of aston martin the british luxury car manufacturer by investment dar
- ubs had a fully owned shariah compliant subsidiary in bahrain noriba bank which until had a high profile at islamic finance conferences but ubs felt it would be more attractive to gulf clients to market its own brand rather than have a separate identity for islamic finance operations
- islamic finance in europe purchase of the base metals is settled through a spot transaction but the sale price is through deferred payments at a mark up with the depositor sharing in the profit from the mark up
- complicated legal issues arise when there are conflicts between shariah and national laws and in all european jurisdictions muslims who want their estate to be divided in accordance with shariah must make a will as the default position under both english common law and civil codes is not shariah compliant
- abc islamic asset management is the leading player in the market through funds that invest in the student healthcare and residential property markets as well as club transactions and private portfolio management where the bank forms partnerships with small groups of investors and provides leverage through murabaha and ijara structures with the largest residential property project being in leeds where almost million was invested
- up to per month can be paid into the fund which can generate a considerable sum which the young person can use on maturity after their th birthday to cover further education costs a deposit on a apartment or other expenses
- turkey can serve as a bridge between the european union and the wider muslim world and in the longer term it is likely to be istanbul not london which becomes europe s leading centre for islamic banking and finance
- turkey of course starts from a low base given its per capita gdp of under but it has attracted foreign direct investment of almost billion annually since and remittances mainly from turks working in the european union average almost billion annually
- usually the commodity is subsequently sold for a higher price prior to or at delivery with the margin representing the profit shariah islamic law as revealed in the holy koran and the hadith the sayings and deeds of the prophet mohammad sukuk islamic securities takaful islamic insurance usually provided on a mutual basis tawarruq the ultimate purchaser in a murabaha transaction sells the commodity obtained spot for cash
- rodney wilson glossary of selected terms bai bithaman ajil purchase with sale at a mark up which is not disclosed bai dayn trading in debt instruments qard hassan an interest free loan including by a depositor to a bank ijara operational leasing contract mudaraba profit sharing partnership with only one of the partners providing the finance and the other having a return for risk sharing or entrepreneurial activity
- reprinted by oxford university press karachi iqbal munawar and llewellyn david islamic banking and finance new perspectives on profit sharing and risk edward elgar
- henry clement and wilson rodney the politics of islamic finance edinburgh university press and columbia university press new york
- islamic retail banking and finance global challenges and opportunities euromoney books london
- websites islamic finance information service eui pp rscas C european university institute for musmine
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
islamic banks banking financial finance investment conventional institutions funds risk financing deposits assets services management international countries equity profit products
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DOCUMENT REFERENCES
Number of Pages
29
Published Date
2007-12-19 14:32:51
