I just made a short review about the most prominent mover over the year 2010.
France managed to adapt following tax regulations for the introduction of Islamic (finance) contracts : Murabahah, Ijara, Istisna and there were specific changes to allow Sukuk.
It is remarkable that the Islamic contracts are named by their Arabic names and have not been translated to more conventional / French wordings. Stay focused is the message.
The AFM Financial Markets Authority issued a nice guide on how to issue sukuk and a model of Sukuk was presented too (and approved by) the AAOIFI in Bahrain. The first sukuk is awaited for early 2011.
An MOU was entered into with the Malaysian INCEIF to provide for and enhance study in the subject.
Before you know it, they will have an Islamic Capital Market and they will be spearheading research and product development in Europe.
Lots of governments around the world that argue to be dedicated to Islamic finance could go take lessons in France about how to tackle outstanding issues and loose ends ... DOING is still better then TALKING ...
You have access to the review HERE.
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