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Status of Islamic Finance in France in 2019

In: Islamic Finance in Europe

Author

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  • Mohyedine Hajjar

    (Pantheon-Sorbonne University)

Abstract

After the 2008 crisis, French authorities tried to attract foreign funds; Islamic finance was seen as an attraction tool. They established some legal measures to accommodate Islamic financial products with the French legal framework. This official activity was limited to the issuance of four tax instructions recognizing four fundamental contracts of Islamic finance and mitigating the tax friction of the Islamic products. The choice of tax instructions avoids political difficulties that may oppose other legislative initiatives such as bills. The insufficient legal framework and the bad tax reputation caused the escape of the foreign Islamic investors and the immobility of the internal market. Despite the presence of the biggest Muslim community in Europe in France and therefore a large potential for Islamic finance products, the French market is stagnant. The main French economic and financial actors prefer to stay in shadow and the market is left to brokers and councils which affected the public confidence in the offers. However, the training sector is characterized by some training programs that have international renown and by the first French-speaking peer-review journal.

Suggested Citation

  • Mohyedine Hajjar, 2019. "Status of Islamic Finance in France in 2019," Palgrave Studies in Islamic Banking, Finance and Economics, in: Mohyedine Hajjar (ed.), Islamic Finance in Europe, chapter 0, pages 109-148, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-04094-9_5
    DOI: 10.1007/978-3-030-04094-9_5
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