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  Islamic Finance potential in Egypt: corporate banking and capital market

  New webinar organized by the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain. Sharia-compliant banking makes up about 5,4% of the Egyptian banking market, with a growth rate of 12.2% compared to March 2020 (Egyptian Islamic Finance Association (EIFA), report 2021). Among 38 banks operating in Egypt, a total of 14 banks are providing Islamic banking products in Egypt, including 3 full-fledged Islamic banks: Faisal Islamic Bank of Egypt (30,6% of Islamic banking industry), Abu Dhabi Islamic Bank (21%), and Al Baraka Bank (19%), in addition to Banque Misr´s Islamic Banking segment (22%), and other 10 Islamic units from conventional banks. There are 248 Islamic banking branches (5,5% of banking branches) serving about 3 million customers in Egypt (Daily News Egypt, 22/05/21). The Egyptian government is making new progress to develop its financial sector and increase financial inclusion in the country (56.2% out of adult population-CBE, Eleqtisade News, 26/04/22). Beyond the banking system, Sukuk law was introduced by the financial regulatory authority “FRA” in the amended Capital Market Law no. 17 of 2018, including a reorganization of the issuance and trading of all sukuk forms. The country offers ample investment opportunities that can attract the Islamic placement opportunities for financing development whether Infrastructure projects, Corporate & SMEs finance or consumer levels. The current growing Egyptian economic development needs and population’s values offer promising prospects for Islamic finance. In this context, the roundtable, organized by the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain, will explore the potential of Islamic finance to contribute to financial development in Egypt, in SME and corporate finance, and in the capital market. Diverse industry experts and players, financial experts and bankers will share their views and opinions on Islamic Banking and Finance industry development in Egypt. With the participation of Rania Abdelfattah, Mostafa El Eskandarany, Nourhan El Sharkawy, Mohamed Shousha, and Abdallah Kenawy, moderated by Fatiha Talahite (CNRS & Paris Nanterre University), with a first reaction by Mehmet Asutay (Durham University) (tbc). Part of the discussion series IF @NA: current developments and prospects in times of [digital] change, dedicated to analysing the state and evolution of Islamic Finance in the North of Africa. Further information: https://en.casaarabe.es/event/islamic-finance-potential-in-egypt-corporate-banking-and-capital-market

  Publicado el 15 de septiembre 2022
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  Retail Islamic finance in Ireland: obstacles and opportunities

  This round table discussion analyzes the changes undertaken in Ireland in recent years to allow for transactions based on Islamic finance inside that country. Over the last decade, the Irish authorities have introduced several measures to accommodate and regulate Islamic finance activities under Irish law. These measures have focused primarily on taxing certain Islamic financing structures and have been designed to better align their tax treatment with conventional alternatives. While some shortcomings continue to exist in terms of the current treatment of Islamic finance in Irish law, the measures implemented up to now have been welcomed by the industry and help to position Ireland as an economy where Islamic finance activities are encouraged. According to the results of Philip Lee’s 2019 Islamic Finance Survey, there is an overwhelming desire within the Muslim community in Ireland for Islamic mortgages and other financial products. Based on this survey, Simon O’Neill, a partner in the Banking and Finance Unit at Dublin law firm Philip Lee, believes this is a huge investment opportunity in the market. Moreover, given the context created by Brexit, UK-based institutions may lose some of their ability to conduct business in the EU. In this respect, Ireland offers a stable market and a similar legal system with untapped demand for Islamic finance, while allowing these institutions to continue having access to the other EU27 markets. This discussion analyzes the industry’s current status in Ireland and examine the various Islamic mortgage alternatives available, the current taxation of these products, the current barriers to development for retail Islamic finance in Ireland, the room for improvement, and the opportunities and challenges facing Islamic finance in that jurisdiction. Organized within the framework of the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain. Taking part in the round table are Edana Richardson, a professor of Law at Maynooth University, and Simon O’Neill, a Banking and Finance partner at Philip Lee, with moderation by Gonzalo Rodríguez, director of SCIEF (IE University) and an initial reaction by Olivia Orozco, Casa Árabe’s Training and Economic Coordinator. The SCIEF-Casa Árabe Observatory of Islamic Finance in Spain is a group for analysis and consultation that gathers knowledge about current affairs in Islamic finance. It includes the main experts, consultancies, law firms and banking institutions working in or specializing on this subject in Spain. Further information: https://en.casaarabe.es/event/retail-islamic-finance-in-ireland-obstacles-and-opportunities

  Publicado el 18 de noviembre 2021
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  IF @NA2: Participative banking institutions and financial inclusion in Morocco

  On Thursday 27 May we offer the second session of the Islamic Finance series, which on this occasion analyses the situation of participative banking in Morocco. Islamic or “participative banking”, as it is known in Morocco, has developed only very recently, in comparison with other places in MENA. It was only in 2017, when the Central Bank of Morocco (Bank Al-Maghrib) granted the first licenses for five banks to start operating with participative financial products in the country and the establishment of three Islamic windows (branches of conventional banks offering Sharia-compliant banking services). Since then, further regulations have been implemented and it is expected that the operation of Takaful services (Sharia-compliant insurance services) will be finally allowed soon, which will contribute to the consolidation of the industry. These years have also witnessed an increase in bancarization rates, those percentage of population with a bank account or having access to the banking services, which implies an improvement of financial inclusion in the country, that surely responds, at least partly, to the introduction of Islamic banking in the country. In the current context, “participative finance” represents an important opportunity for increasing this financial inclusion and contributing to the development of the Moroccan economy. Organized by Casa Árabe and SCIEF in the framework of its Observatory of Islamic Finance in Spain, and in collaboration with the research group Cresppa-GTM (CNRS) and Durham Centre for Islamic Economics and Finance, the roundtable aims to bring onboard diverse industry experts and players, including bankers and legal practitioners, to share their views and opinions on the Islamic Banking and Finance industry development in Morocco. It will count with the participation of Abderrahmane Lahlou, President of the Academy of Participative Finance (APAF); M. Wail Aaminou, Chair of Al-Maali Group, and Dalal Aassouli, Associated Professor and Coordinator of the MSc in Islamic Finance at Hamad Bin Khalifa University. Being moderated by Gonzalo Rodríguez, SCIEF General Coordinator, it will count as well with a first reaction by Mehmet Asutay, director of the Durham Centre for Islamic Economics and Finance. The roundtable it is part of the Roundtable Discussion Series, IF @NA: current developments and prospects in times of [digital] change, dedicated to analyze the state and evolution of Islamic Finance in the north of Africa. More info: https://en.casaarabe.es/event/if-na2-participative-banking-institutions-and-financial-inclusion-in-morocco Photo: Mhobl. The rich and the poor

  Publicado el 21 de mayo 2021
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  Islamic Finance in Algeria: New developments and prospects

  On Thursday, February 18, we offer this round table on our YouTube channel that will analyze the changes introduced over the last year by the government for the promotion of Islamic finance in Algeria, in the hands of experts and representatives of the banking sector in the country. In August 2020, Algeria’s National Bank officially launched its Islamic finance services. At the end of January this year, the Algerian government has just presented also a draft executive decree to regulate takaful (insurance services complying with Islamic Shariah law) business. These developments are part of a broader governmental policy to promote Islamic banking in the country. The declared objective is to integrate those sectors of the population still out of the banking sector and mobilize funds into the economic system from the informal market, which Algerian Central Bank estimates that may amount to $30 or $35 billion. According to the World Bank, only 42% of the Algerian population over 15-years-old has an account in a financial institution, a mere 29% made an active use of it and just a 2% made payments using a mobile phone or the internet (G20 Financial Inclusion Indicators Database, data of 2017). Some experts believe that Islamic banking could attract customers who refrain from operating with conventional banks due to religious considerations or to avoid lending or borrowing money with interest. Islamic banking in Algeria has been operating since 1991, when Al Baraka Group opened its branch there, Al Baraka d’Algérie, joined in 2008 by Al Salam Bank-Algeria. However, till recently it has remained a small niche of the banking industry. Mobilizing those funds could introduce liquidity and ease the socioeconomic situation in the country, in a context of low oil prices and economic crisis exacerbated by the Pandemics. The roundtable, organized in the framework of the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain, will analyze the new changes and regulation put into place into the Algerian banking system to identify the challenges and perspectives for the development of the industry in the country. Program 10:30 Roundtable Fatiha Talahite, Senior Researcher with the CNRS and Member of Cresppa-GTM (Centre de Recherches Sociologiques et Politiques), Paris Mohamed Boudjellal, Professor of Economics, Université de M’Sila, Algeria Zakaria Slimani, Assistant to the General Manager, Bank Al Baraka of Algeria Abdelhafid Benamraoui, Principal Lecturer in Finance, University of Westminster, London Moderator: Olivia Orozco, Education and Economics Coordinator, Casa Árabe 11:45 Debate with members of the Observatory and participants First reaction: Gonzalo Rodríguez, General Coordinator, SCIEF More information: https://en.casaarabe.es/event/islamic-finance-in-algeria-new-developments-and-prospects Photo: Maghrebia. 110414 Algerians seek expanded Islamic banking options

  Publicado el 12 de febrero 2021
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  Perspectivas económicas y oportunidades de negocio en los países árabes del Mediterráneo

  Conferencia ofrecida por Fathallah Sijilmassi, secretario general de la Unión por el Mediterráneo (UpM), el lunes 17 de diciembre de 2012 en Madrid. El acto, organizado con la Cámara de Comercio, Industria y Servicios de Marruecos, fue presentado por José Luis Pardo, subdirector general para las Relaciones Exteriores y Asuntos Comerciales de la Unión Europea, y Leila Hayat, presidenta de la Cámara de Comercio, Industria y Servicios de Marruecos en España (CCISME). El cierre corrió a cargo de Ramón Enciso, vicepresidente de CCISME. Más información: http://www.casaarabe.es/noticias-arabes/show/oportunidades-de-negocio-en-los-paises-arabes-del-mediterraneo

  Publicado el 15 de julio 2014