An amendment to article 2011 of the French Civil Code was passed on 17 September 2009 by the French National Assembly (Assemblée Nationale) to help promote the development of Islamic finance in France.
This amendment is intended to assist in the structuring of Shariah-compliant products in France using French trusts (fiducies). The adoption of this amendment first by the French Senate (Sénat) in June and now by the National Assembly shows the determination not only of the French government but also of the French Parliament to adjust French legislation to the requirements of Islamic Finance. Whether this move in the right direction is enough to boost the sukuk market in France remains to be seen but no doubt gives new perspectives to Islamic investors.
Link: http://www.nortonrose.com/knowledge/publications/2009/default23125.aspx
This amendment is intended to assist in the structuring of Shariah-compliant products in France using French trusts (fiducies). The adoption of this amendment first by the French Senate (Sénat) in June and now by the National Assembly shows the determination not only of the French government but also of the French Parliament to adjust French legislation to the requirements of Islamic Finance. Whether this move in the right direction is enough to boost the sukuk market in France remains to be seen but no doubt gives new perspectives to Islamic investors.
Link: http://www.nortonrose.com/knowledge/publications/2009/default23125.aspx
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