Londres, capitale de la finance islamique

Discussion dans 'Islam' créé par Saife, 28 Mars 2007.

Londres, capitale de la finance islamique AP Le gouvernement britannique va légiférer pour encourager le développement de la finance islamique...

  1. Saife


    4 Septembre 2006
    10 864
    Londres, capitale de la finance islamique


    Le gouvernement britannique va légiférer pour encourager le développement de la finance islamique au Royaume-Uni, une première en Europe, a annoncé mardi le secrétaire au Trésor, Ed Balls, lors d'une conférence organisée sur le secteur à Londres.

    La finance islamique, conforme à la charia qui proscrit le principe de l'intérêt et interdit d'investir dans certains secteurs, est en plein développement depuis trois ans en Asie et au Proche-Orient, et pèse entre 300 et 500 milliards de dollars selon les estimations.

    "Nous serons le premier pays d'Europe à disposer d'un cadre juridique pour la finance islamique" :) , a déclaré à l'AFP un porte-parole du Trésor. Le budget 2007/08, dévoilé en mars, comportera deux mesures autorisant l'émission et l'échange de "sukuks", ou obligations islamiques. Le land allemand de Saxe-Inhalt avait émis les premières "sukuks" en Europe en 2004. Il comportera par ailleurs des recommandations sur deux autres produits, la Musharaka dégressive (l'équivalent islamique d'un remboursement échelonné de prêt) et le Takaful (une forme de police d'assurance).

    Enfin, la finance islamique sera désignée comme la priorité d'un groupe de travail établi par le Trésor. Il s'agit pour le Royaume-Uni de "s'assurer que le système fiscal et les régulations encourageront le développement des produits conformes à la charia", et de faire du Royaume-Uni "un centre mondial de la finance islamique", a expliqué M. Balls dans un discours à la conférence Euromoney Islamic Finance.

    "C'est un exemple de collaboration des secteurs privé et public, afin de parvenir à concrétiser notre ambition partagée de faire de Londres le centre des marchés internationaux de la finance islamique", a-t-il ajouté.

    La deuxième sourate du Coran proscrivant l'usure, le principe de la finance islamique est de rémunérer les investisseurs en contournant le paiement et la perception d'intérêts. Dans le cadre d'un "sukuk" par exemple, le souscripteur de l'obligation perçoit un revenu tiré de l'actif dans lequel son argent a été investi (puits de pétrole, mines, loyers immobiliers, etc.).

    La Grande-Bretagne est déjà une tête de pont de la finance islamique en Europe: elle a autorisé dès 2004 la première banque de détail du secteur, l'Islamic Bank of Britain. Mais la Malaisie et le Proche-Orient (Dubaï, Bahreïn) concentrent l'essentiel de l'activité, les produits financiers islamiques servant de débouchés à l'afflux de pétrodollars depuis trois ans.

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  2. Vesale


    3 Juin 2006
    3 991

    Alhamdoullillah, ca fait vraiment plaisirs... Esperont que les autres pays suivront...

  3. Skylek


    5 Septembre 2006
    Islamic finance
    Calling the faithful
    Dec 7th 2006
    From The Economist print edition

    Western investors tap an emerging market in sharia-compliant products

    IT was one of the year's big political flash points: the takeover of Britain's P&O, an international ports operator, by DP World of Dubai caused a rumpus from Westminster to Washington, DC. Politicians may have shunned the bid but investors did not—even though it was financed with a sukuk, a bond-like product compliant with the principles of sharia, or Islamic law. Demand was so strong that the initial $2.8 billion issue was raised to $3.5 billion, and ultimately drew $11.4 billion in subscriptions, about half of them from international investors.

    No wonder investment bankers—who needed terms like riba (interest) translated only a year ago—no longer scratch their heads at the wonders of Islamic finance. Next week a new $2.5 billion sukuk offered by Nakheel, a big Dubai developer, closes. It will be the world's second-largest such note—and could even surpass the one from Dubai Ports, Customs and Free-Zone Corporation (PCFC), the parent of DP World. In the most recent such issue (an $800m sukuk from Abu Dhabi Investment Bank that closed on December 4th) nearly 40% of the investors came from Europe.

    Islamic finance, long considered in the West as more of an oddity than an opportunity, is going mainstream. Standard & Poor's, a rating agency, puts the market for Islamic financial products—banking, mortgages, equity funds, fixed income, insurance, project finance, private equity and even derivatives—at about $400 billion. It is estimated to have grown at some 15% annually in the past three years, and looks set to expand further as the petro-economies of the Gulf boom and Western investors become more comfortable with some of its cultural differences.

    Once available only in mostly Muslim places like Malaysia and the Gulf (Bahrain was a pioneer), Islamic finance now appeals to some of the world's biggest financial institutions seeking to tap into emerging markets. Investment banks, hedge funds and even pension-fund managers are getting keener. “This is a new, parallel financial system,” says Sameer Abdi of Ernst & Young, a consultancy. “It's not something that can be ignored.”

    No improprieties, no interest

    To get the stamp of approval from Islamic scholars as sharia-compliant, a product should adhere to two principles: it must not pay interest, and wealth should not be generated from means considered improper; alcohol, gambling and tobacco, for example, are off-limits.

    Although sharia-compliant products have been around for decades, there are several reasons why the market has taken off in the past few years. First is the sheer wealth in parts of the Middle East where oil—and petrodollars—gush (see article). Rich Muslims have long parked much of their money abroad, and continue to do so. Mr Abdi says about one-third of investors in countries where there is a Muslim majority are seeking sharia-compliant products; another 50-60% will use them if they are “commercially competitive”.

    At the company level, Middle Eastern institutions no longer rely exclusively on private financing (if they need to borrow at all). They are now shifting to public vehicles that offer access to international markets. As they become more conspicuous, such companies are seeking to comply with the Islamic traditions in their countries. So, for instance, Islamic finance has been used in big infrastructure projects.

    Meanwhile, foreign investors want to diversify across countries and asset types. “As a global investor, you need exposure to this region of the world,” says Arul Kandasamy, head of Islamic banking at Barclays Capital, which helped arrange both the PCFC and Nakheel sukuks. In the Middle East more than 80% of fixed-income products are Islamic. Malaysia also has a big concentration: about 60% of the $40 billion global sukuk market is there.

    Investors who used to hang back from these notes due to worries about the lack of liquidity—there is virtually no secondary market for most of them—are emboldened by the recent, bigger offerings. Mr Kandasamy says the average volume of trading in the PCFC sukuk has been $10m a day since its launch.

    Finally, for foreign institutions raising funds, “this is another pool of money” to tap, says Matthew Sapte, a London-based lawyer working on Islamic-finance deals. “A number of European corporates are looking at this very closely.”

    No wonder then that international banks are offering sharia-compliant products of their own. Some have long experience. Citibank, for instance, has offered Islamic products since the 1990s. ABN AMRO, BNP Paribas, Standard Chartered, and Goldman Sachs are also involved.

    As the market for Islamic products has become more crowded, yields have fallen. Today the returns on Islamic products in the Gulf are similar to those of comparable conventional instruments in the region, says Abdulkader Thomas, a financial consultant and founder of the American Journal of Islamic Finance. In Malaysia, he adds, sharia-compliant products have lower yields than conventional products, but they are also taxed at a lower rate.

    For all the excitement being generated, Islamic finance is still just a sliver of the global financial market. And international investors still find aspects of it immature. For example, there is a dearth of credit ratings for Islamic products and institutions (which is also true of many conventional instruments in the Middle East).

    If the industry is to avoid being “ghettoised”, argues Anouar Hassoune, an analyst at Standard & Poor's, it needs to shape up in several ways. First, it must become more standardised. Products considered sharia-compliant in relatively liberal Malaysia are off-limits in more conservative Saudi Arabia. Second, accounting standards and financial reporting must be better aligned. Third, he says, more innovation is needed, particularly in areas such as derivatives and structured finance. Fourth, there is a skills shortage, which is driving up salaries for anyone working in Islamic finance. Lastly, the industry needs to create new tools for assessing risk.

    None of these challenges is insurmountable. This is an era of financial innovation where investors delight in exploring new areas of risk. Cultural barriers are there to be crossed.


    Des fonds d’investissements selon les règles coraniques lancés par Deutsche Bank

    DUBAI, (AAI) – De nouveaux fonds d'investissement selon des règles coraniques ont été lancés par la Deutsche Bank, afin de répondre à la demande croissante des investisseurs dans les pays musulmans.

  4. malaise


    15 Janvier 2006
    1 662
    il n y a rien qui s'appel finance islamique

    le pricipe est le même : tu prends de l'argent et tu le rend avec des mensualités + une somme d'argent en plus

    il n ya que les noms qui changent si vous rêvez d'avoir un crédit sur 20 ou 30 à taux Zéro ben coninuez de rêver alors

  5. waRm


    30 Juin 2005
    19 053
    j'ai vu un reportage la dessus, cétait sur France 2, franchement moi si ca arrive en France, ça me dit bien !!

    jtrouve ça interessant, dailleurs jétais pas seule à regarder ce reportage, avec moi yavait des non muslims qui étaient très emballés par le concept !

    cest pas sympa de me reveiller comme ça !!!

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