French Initiatives for Islamic Finance
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1 1 French Initiatives for Islamic Finance Dubai, December 15th, 2010 DIFC Conference Center Thierry Dissaux Coordinator for Islamic Finance Paris Europlace Former Special Adviser for Financial Affairs, French Treasury
2 French approach since 2007 : a few milestones Priority set by Christine Lagarde, French Finance Minister Launch of Paris Europlace Islamic Finance Commission July 2007 : AMF recommendation for Sharia-compliant funds July 2008 : AMF statement for the listing of sukuk January 2009 : AAOIFI-Paris Europlace MOU for the translation of AAOIFI standards in French July 2009 : listing procedure and creation of a sukuk listing segment by NYSE-Euronext
3 French approach since 2007 : meanwhile Jouini-Pastré report for the Development of Islamic Finance in France Set up of Sharia boards in France (currently, 4) Creation of several certificates courses in islamic finance First tax instruction for murabaha and sukuk in February 2009 Numerous high level seminars
4 French approach since 2007 : business Various shariah compliant funds and ETFs Numerous murabaha and reverse murabaha transactions, up to $3 Bn French banks activity in the Middle-East region, including BNP Paribas, CACIB (Calyon), Soc Gen AXA s IPO in Saudi Arabia for a takaful business Islamic financial institutions projects for a banking licence in France
5 Going forward focus on two specific items : Islamic Finance Products Sukuk issuance
6 Islamic Finance Products
7 Issues : what they were Are Islamic finance transactions subject to banking law? What is the tax treatment of the margin in a buy and sale transaction? How could you reconcile differing views of a Shariah compliant product in a non Islamic system? By the way how could an Islamic finance transaction be defined under French legal (secular) system???
8 Our answer Tax Regulation...
9 «Tax instructions» : how, what for? Specific group under Paris Europlace structure With: lawyers, Shariah advisers, tax specialists, bankers, regulators, Treasury Scope: main Islamic financial products (sukuk, murabaha, ijara, istisna, mudaraba, salam, wakala, musharaka ) Objective: clarify the legal framework for Islamic finance in France banking regulation accountings and tax treatment prudential requirements
10 «Tax instructions» : how does it work? Definition of each instrument with existing French legal concepts (could be non Shariah compliant) Qualification as banking operations (banking law) Benefit of the usual tax treatment of banking operations Use of a tool which explains the tax treatment of specific products does not create any new rights per se
11 «Tax instructions» : which effects (1/2)? Each Islamic finance product gets a reference through a connection made with one or several conventional banking or financial products Banks/ regulators can determine the relevant : banking regulation accountings and tax treatment prudential requirements Banks get the basis for a comprehensive business plan Regulators get an adequate understanding for granting a license
12 «Tax instructions» : which effects (2/2)? Shariah Boards can design the adequate compliant products in their own way (within the given framework ) No need for changing French legislation (so far ) In passing, the general public gets a reference to help them understanding the products
13 Sukuk Issuance
14 What is the issue? Existing financial products granting a form of ownership to the holders: equity, fonds commun de placement (FCP/ FCPI), Sicav, fiducie (trust) Existing financial products with a bond-like tax treatment : bonds, tracking securities, fonds commun de titrisation (FCT) Problem : just not the same products changing existing tax treatment would/ could have undesirable effects
15 What is the answer? Mixing the various legal structures to obtain both property rights and appropriate tax treatment Defining models, with especially AAOIFI s help Offering them to the market place Last news : AOOIFI Shariah scholars approved the issuance models presented to them end of November, with some technical adjustments
16 Calendar
17 Done Fiscal instructions for sukuk, murabaha, ijara, istisna published in August 2010 Underway Fiscal instructions for mudaraba, salam, wakala, musharaka Issuance models for sukuk
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