Description
Book SynopsisThis timely book examines the authorization of Shari?ah-compliant intermediaries as either credit institutions or as investment companies in the European Union.
The contributing authors explore the key topics of this area through differing yet parallel perspectives ? for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive.
This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.
Trade Review‘The four areas covered in the book are crucial issues to be considered for the enhancement of Islamic banking in the European Union. The book is a whistle-blower for the industry in Europe and the concerns raised are welcome.’ -- Faizal Ahmad Manjoo, The Muslim World Book Review
‘As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume. The ideas, insights and practical issues addressed in the informed papers that compose the book should be valuable for academics and students of finance, and to those who provide legal and financial services. The book will be helpful also to European regulators who have yet to appreciate the importance of Islamic finance and its potential contribution to financial globalization as well as to European economic growth.’ -- Abbas Mirakhor, Former Executive Director, International Monetary Fund, US
Table of ContentsContents: Preface Introduction M. Fahim Khan and Mario Porzio PART I: HISTORICAL BACKGROUND 1. From the Poor to the Merchant Umberto Santarelli PART II: ISLAMIC BANKING BUSINESS 2. The Provision and Management of Savings: The Client–Partner Model Gian Maria Piccinelli 3. Islamic Finance: Personal and Enterprise Banking Frank E. Vogel 4. Islamic Banking in Europe: The Regulatory Challenge M. Fahim Khan 5. Islamic Finance and Ethical Investments: Some Points of Reconsideration Valentino Cattelan PART III: THE CHALLENGE 6. Islamic Banking versus Conventional Banking Claudio Porzio 7. Islamic Banking: A Challenge for the Basel Capital Accord Elisabetta Montanaro 8. Investing with Values: Ethical Investment versus Islamic Investment Celia de Anca 9. Islamic Banking and the ‘Duty of Accommodation’ Gabriella Gimigliano 10. The Remuneration of Sight Accounts and the Feasible Competition between Islamic and Western Systems Gennaro Rotondo PART IV: RESPONSE FROM THE EUROPEAN COUNTRIES: ENGLISH, FRENCH, GERMAN AND ITALIAN EXPERIENCES 11. The French Licensing Authority Faced with the Globalisation of Islamic Finance: A Flexible Position Christophe Arnaud 12. German Banking Supervision and its Relationship to Islamic Banks Johannes Engels 13. Islamic Banking and Prudential Supervision in Italy Luigi Donato and Maria Alessandra Freni 14. Islamic Banking: Impression of an Italian Jurist Pietro Abbadessa 15. Islamic Banking in the United Kingdom Rodney Wilson 16. The Riba Prohibition and Payment Institutions Vittorio Santoro Index
