islamic finance
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by Stefano Loconte
As commonly known, the Shariah supervisory board has the crucial role of controlling and providing guidelines, advice and Fatwas to banks and institutions regarding Shariah compliant incomes and earnings.
In most Islamic countries, the financial institutions are ‘highly recommended’ to establish an independent Shariah supervisory committee even if not explicitly legally required.
Therefore, is it feasible in Italy to create in a joint stock company an internal board to supervise Shariah compliance?
Finds the answers and considerations on these issues by our Managing partner Stefano Loconte on IFN Volume 17 Issue 43 dated the 28th October 2020.
You can read it online at this link
By Stefano Loconte
Everybody knows the worldwide relevance of Italy’s mark of quality as much as the importance and the prestige of Halal certification.
In the common opinion, ‘Made in Italy’ means beautiful and well produced, and is recognized as a trademark itself.
At the same time, the Halal market has gained recognition globally not only in Muslim countries but also in Muslim minority countries, including Italy. Furthermore, the category of ‘Halal’ is nowadays not only for foodstuff s and beverages but also for fi nance, insurance, cosmetics and medicines.
This represents a unique opportunity for Italian companies and firms to expand their markets to Muslim communities in the Mediterranean area and the Middle East and strengthen their business. But all that glitters is not gold.
The acceptability of Halal certification by an Italian company depends on many different factors, which we have analysed in this article, first published in Islamic Finance news Volume 17 Issue 38 dated the 23rd September 2020.
Download and read the full article as PDF at this link (Download)
By Stefano Loconte
Read the contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 33 dated the 19th August 2020, about the new sustainable and environmentally friendly investments (ESG) Italian Baks are rapidly embracing.
“Environmental, social and governance (ESG) factors are rapidly arising in investors’ awareness worldwide and expected to grow in the Islamic finance industry due to a strong link between the two.
Such sustainable notions also exist in Islamic finance and the size is reportedly substantial. For example, Waqf, which is a donation of an asset or cash for religious or charitable purposes with no intention of reclaim, is construed as a type of socially responsible financing. Therefore, it is possible to imagine the thin alignment between the Islamic finance industry and these sustainable factors
Sustainability, equality and a clean environmental record are the essential factors of financial performance and savvy investors are starting to embrace them.
In such a scenario, sustainable investment funds are confirming their efficiency in managing underlying risks and delivering more resilient returns because they support and finance companies that are preserving the wellbeing of the planet and the community.”
Read the full Issue at this link
or download the PDF version here (Download)