Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, February 2, 2009

Europlace wants to promote Islamic banks in Paris

DOHA: Paris Europlace (the Paris Financial Centre) said it welcomes sukuk issuers on NYSE Euronext and the setting up of Islamic banks in Paris.

"The regulations that have been recently adopted to facilitate Islamic finance in France are intended to make Paris a hub for Islamic finance and now we have all the tools to accommodate Islamic finance," Arnaud de Bresson, Managing Director of Paris Europlace told a news conference here yesterday. He said Paris Europlace has exerted great efforts for the last three years to promote Islamic finance and the opportunities it has to offer and ultimately submitted proposals for reforms to develop Islamic Finance in France.

As a result, both the French Ministry of Economy, Industry and Employment and the Autorite des Marches Financiers (AMF), the French financial markets regulatory authority, announced late last year significant tax and regulatory changes aimed at boosting Islamic finance in France.

Arnaud de Bresson together with Christian Noye, Governor of Banque de France accompanied by a large delegation is currently visiting Doha as part of a Gulf tour which also includes Bahrain and the UAE.
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