Paris wants to beat London to the sound of sukuk, the Islamic bonds. It started the race from Nicolas Sarkozy to overcome the British in an area where samples have always been: to manage their own and others' money. The City of Light wants to become the new financial capital of Europe by Muslim banks. A few days ago Christine Lagarde, Minister of Finance-Alpine, has introduced measures to make the country a catalyst for global funds. More than six million Muslims who live in France, compared to "only" three million of the UK, seem to give a better side to lay the foundations of a new global financial center of gravity. So you can make money on account collected and used in accordance with the laws of Allah. We'll have to get used to the rules of riba - the prohibition of interest rate or wear - the gharar - a ban on the uncertainty in the business - the maysir - the prohibition of speculation - and all distinctions between haram (forbidden) and halal (allowed)? We can not say it, but it will be well prepared, as with the current prices of crude oil to the case they are here. We are lining up to pay. What impact will have such a choice, given the role that Paris wants to play in the new continental balance? It could be a Trojan horse and the final phase of the great project well described in the book Eurabia by Bat Ye'or, or a healthy injection of ethical principles in a financial system ill, and no rules? There are those who consider Islamic banks a big bluff and that the prohibition of interest is really only aimed at prohibiting usury. Forbidden by the Koran, but also by the Christian tradition. Indeed, between the tazimat, reorganization, between 1836 and 1876, the Ottoman Empire were imported Western-style banking institutions in an attempt to shore up the giant with feet of clay. In 1856 they were allowed to operate foreign-owned banking institutions, thus legalizing the interest rate. A ban often shunned even in the Middle Ages. The structures, which Sarkozy is opening the doors, are born fifty years ago. The two founders of the "spiritual" were called Abul A'la Mawdudi, who took his first steps in British India of the forties and Sayyed Qutb, an ideologue of the Muslim Brotherhood, who died in Egyptian prisons. Since no practical economic issues and factors such as inflation, had built a system that produced only losses. Then the turning point and the birth of the concept of sharing. Islamic banks in the creditor and the debtor should be together in sharing risk and reward. Music to our ears, clogged by scandals and abuses of every kind and looking for an ethic that is not just enunciated. But there seems to be the make-up and interest rates we pay anyway. Although there have been scandals and fraud, especially in Egypt, Saudi Arabia has often had to dip into their wallet to close pits and save the concept of Islamic bank. The first initiative to be functional is attributed to the economist Ahmad al-Najjar in 1963 founded the savings bank Mitt Ghamr.
But the project of landing on the Continent of broker savings Koran continues to be the second time and there are important initiatives, such as the Robert Schuman Centre for advanced studies, probing the phenomenon. Studying the state of the art and future perspectives of finance and banking, according to the rules of sharia. With forecasts sull'appeal services of this kind, in view of the possible entry of Turkey into the club Strasbourg. A first date of work was seen last January in Florence, where among others they met representatives of ABI and the United Arab Banks (UAB) and experts from the UK and U.S. universities. In September 2007, Abi and UAB had just signed a memorandum of cooperation. But back on the banks of the Seine to give the numbers of what Simplifying, we might call the project Lagarde. Currently two giants such as BNP Paribas and Societe Generale offer a comprehensive service, but not limited to, Islamic financial products. What is worrying is that the French Senate is putting together politicians, bankers and lawyers to discuss how Muslims support this new model of money management. A decisive step to a change in the legislative and fiscal authority of the State, as outlined in the Financial Times of 13 May. An obvious choice of a country hostage to their own community or Muslim, according to the official, a mere economic calculation. The founder, in 2004, Isla Invest, the first consulting firms in the sector in France, Ben Zoubir Terdyet is convinced that Paris has to push the Islamic bonds are the major income-generating opportunities. In short, all in search of profit morally correct, Mashallah. In the hope that it remains something of Europe, more than just paper money, God willing.
Money Sharia in the shadow of the Union Jack
Growth of Islamic banks, which are only part of the Arab finance, was 20 percent per year since two thousand. The consolidated under the laws of Allah would be approximately $ 500 billion according to estimates by Moody. Even in England we have tried to adapt the legislation to foster growth. For example, the Islamic Bank of Britain continues to grow despite the crisis of competing "secular" from the quake-hit ninja or subprime loan and collateral products and derivatives. Based in Birmingham has seen his customers grow by 38 percent in 2007. The deposits have increased by 61 percent in value, up to an amount of 135 million pounds, about 169 million euro. Numbers still low compared to the giants of the money, but that seems immune from the losses that are bleeding other stakeholders. A phenomenon that is not just about Islamic finance, but in general the banks of the Gulf States. In the classification of so-called writedowns - losses linked to subprime - the only Gulf International Bank reaches one billion dollars, followed by very far from the group formed by the Gulf Investment Corporation and the Arab Banking Corporation with little more than $ 200 million, then diminishing losses to less and less to the Saudi investment bank with only a few tens of millions of hole. A trend that suggests more of deliberate strategic choices that theological obedience.
published 14/06/2008 page 9 of the Liberal
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