by Avv. Prof. Stefano Loconte – Our latest contribution on Islamic Finance News, Volume 17, Issue 50.
“Pandemic consequences are real and they are expected to effect the global finance markets – even more during 2021”
Read the full article here
by Avv. Prof. Stefano Loconte – Our latest contribution on IFN Volume 17, Issue 48, dated 2nd of December 2020.
As Italy has the fourth-largest Muslim population in Europe and is also the main leader in the fashion industry, the interest in modest fashion has increased in the last few years, not only from Muslims but also from non-Muslim ‘fashionistas’. Market players in the Italian fashion industry have noticed the worldwide demand for modest clothing and have created specific fashion collections dedicated to Muslim women. No doubt, this represents a step forward in strengthening the connection between the Islamic world and Italy but it is also a deep understatement of the Islamic culture.
Therefore, does it represent a step forward to the embrace of Islamic finance and Halal into Italian economic system?
Download and read the full article as PDF: IslamicFinanceNews
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 Elisa Carollo
The pandemic has not discouraged passionate buyers from participating in auctions or art fairs, even if everything has rapidly, and forcedly, moved primarily online. How does it effect the rights of the buyers, if at all?
Does the law manage to…keep abreast with the times?
Is the buyer at the hybrid auction as protected as at the online-only one?
Here the link to read the article online
The GGI Trust&Estate Planning Autumn Newsletter is now online, with the editorial of our Managing Partner, Stefano Loconte, as the Global Chairperson of the GGI Trust&Estate Practice Group.
Our Junior Associate Beatrice Molteni authored an article on the wealth planning for professional athletes, with a special focus on the tax incentives in Italy.
The GGI TEP Autumn Newsletter offers numerous contributions on specific topics written by GGI members from all over the world.
A great opportunity to share the latest updates and developments on the trust and estate planning sector!
Read the the pages we curated in this issue in the following PDF (Download)
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, Angela Cordasco e Beatrice Molteni
Stefano Loconte, Angela Cordasco and Beatrice Molteni from Loconte&Partners authored the Italian chapter of the very prestigious Chambers Private Wealth 2020 Guide. ⠀
The contribution covers many interesting topics related to the Private Wealth area, such as the new attractive tax regimes, the trust regulation in Italy, estate law and family business planning.⠀
Once again, Loconte&Partners wealth management team’s has been chosen for its expertise in assisting HNWI.⠀
Read and download the full issue here (Download)
By Stefano Loconte
Our Managing Partner has analysed special requirements to establish an Islamic bank in Italy on this article which was first published in Islamic Finance news Volume 17 Issue 30 dated the 29th July 2020
“The possibility of opening an Islamic bank in Italy can be a reality but it requires respecting binding rules and specific procedures.
In fact, institutions that could offer Shariah compliant financial products and services could collaborate with Islamic banks or branches of an Islamic bank established in another European or extra-EU country. In any case, each type of Islamic financial institution needs a Shariah board, or Shariah supervisory board (SSB), that sits at the top of the company’s governing structure”
Otherwise you can download a PDF of the single page with the article, here as follow (Download)
By Stefano Loconte for IFN Islamic Finance News Volume 17 Issue 26 (1st July 2020)
“It is remarkable that the Italian legal framework does not forbid but at the same time does not even expressly authorize these operations. The main reason why these operations are not performed in Italy is due to the fiscal costs. In fact, these financial operations are subject to double taxation compared to the traditional ones. The costs incurred will not be, economically speaking, sustainable for the banks. At this point, it seems necessary for the introduction of a specific framework to balance the Islamic finance model with the traditional models, in line with what has has already been done in other European member states”
Read the full contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 26 dated the 1st July 2020, about the possibility and the difficulties of creating the “Islamic windows” in Italy.
You can also download the single PDF page at this link (Download)
By Elisa Carollo
ARE YOU READY FOR ART BASEL (ONLINE)?
In this article by our Art Advisor Elisa Carollo on ART SHE SAYS a short overview and a selection in “pink” from the preview days, to help you navigate the + 4.000 works and 282 galleries included in this year art fair online.
“After its postponement, we were waiting for Art Basel in IRL (in real life) in September, and all top collectors and dealers had already booked their usual room at the Le Trois Rois.
However, between podcasts and webinars where the art world discussed if and how it will survive and whether collectors are now familiar with buying online, eventually Art Basel was forced to cancel this year’s edition and postpone its 50-years celebration hopefully under Miami palms, once these “challenging times” are over.
So Art Basel (Basel) opened once again only as a virtual fair, starting yesterday with 2 days of VIP previews preceded by a “virtual welcome reception” on Zoom with the directors Marc Spiegler, Noah Horowitz and Adeline Ooi.
No champagne, physical human contact, or networking, but the art fair added new features on its platform, making it much easier to navigate, including interactive content such as videos of art or artists explaining their works, providing framework to the 4000+ artworks to browse through, otherwise art dealers and collectors would be at an endless scroll.
Still, as the director Marc Spiegler said to the Financial Times, this “Amazon art world sounds more like hell than heaven. It is a world with no power to move our souls,” and he hopes to come back soon in welcoming physical visitors to the
You can read the full article at this LINK
LOCONTE& PARTNERS FOR IFN ISLAMIC FINANCE NEWS
Read the contribution of our founder Stefano Loconte, published in Islamic Finance news Volume 17 Issue 18 dated the 6th May 2020, about the set of rules that oversee the issuance of Islamic financial products in Italy.
“The possible offer of Islamic financial products, both by Italian institutions and Islamic windows in Italy, is a real perspective that has to be taken into consideration in order to expand the chances for Italy to gain new investments and grant investors the diversification of their investments.”
As Alternative, you can download the single page here.