France: Senate looks at easing limits on Muslim finance
Paris, 23 Dec.(AKI) – The French Senate is looking at ways to eliminate legal hurdles, particularly levies, for Islamic financial services and products in France and the potential for listing companies on the Paris Stock Exchange. The Senate said its initiative was consistent with recommendations from a report on Islamic finance prepared by the Financial Affairs Commission last May.
The report stressed the great importance of Islamic finance in France and indicated the legal amendments required at a financial level to adapt French laws to the Islamic financial system.
Senate sources said that this area of the financial market was worth from 500 to 600 billion dollars and could grow by an average 11 percent a year.