Fonte: http://www.ariannaeditrice.it/articolo.php?id_articolo=30245
... "una volta i problemi di carattere risolti fiscal and regulatory il nostro paese a colt svolgere ruolo nel Mediterraneo centrale. Italy, in addition to having a positive trade balance of several billions of dollars with the countries of the Gulf Cooperation Council, plays a key role in the euro-Arab dialogue, representing the G7 country closer to the Arab world. Interest in Islamic finance arises, therefore, as a matter of political-strategic position, in relation to the birth of the Union for the Mediterranean, which aims to involve economically forty-three southern and eastern Mediterranean countries, through their cooperation in specific public and private sector ... (Stephen M. Masullo)
Canzano 1 - In today's international economic and financial role that can play the introduction of Islamic banking?
MASULLO - In a perspective of long-term development can play a key role in the introduction of Islamic banking, the most profitable sector of the entire international financial scene, with its constant connection to the real economy, appears to offer a viable alternative in terms of stability excessive financialization today or rather, the detachment has developed between financial activity and legal cause and effect of the crisis.
Canzano 2 - What is the alternative message of Islamic finance?
MASULLO - The alternative message of Islamic finance comes from the strong reliance on sacred texts and their considerable influence on law. Islam, while recognizing the opportunities for growth in the value of money over time, it prohibits its implementation in the loan allowing only as part of a real transaction. Eschewing the interest, the Islamic world's financial system based on the concept of Shirkah, namely the sharing of profits and losses of any business. Technique, this is accredited in the literature to have particularly positive effects on aggregate real economy, on development and income distribution. These characteristics lead Shariah-compliant financial institutions to move away from the figure of "debt holder” propria del modello convenzionale, per avvicinarsi di più a quella di “equity investor”, spingendole così ad assumere caratteristiche più simili alle merchant bank. Le peculiarità del sistema islamico richiedono uno sforzo maggiore verso l’armonizzazione degli standard prudenziali e di vigilanza, al fine di limitare gli arbitraggi regolamentari e assicurare regole minime comuni su cui fondare l’ordinato funzionamento del sistema finanziario globale. Al riguardo, sembra auspicabile una estensione al sistema tradizionale di alcuni comportamenti tipici del sistema islamico.
Canzano 3 – Come opera l’isalmic banking nello scenario internazionale?
MASULLO - Nello scenario internazionale, l’islamic banking si presenta con caratteristiche diverse nei vari paesi in cui è operativo, in base al grado di islamizzazione del sistema finanziario ritenuto opportuno dai rispettivi governi. Al riguardo, nella maggior parte delle esperienze nazionali, si è optato per un sistema di dual-banking, in cui i due differenti sistemi finanziari condividono lo stesso ambiente macroeconomico con interessanti reciproche interdipendenze. In una prospettiva di lungo periodo, gli oltre quindici milioni di musulmani presenti sul territorio europeo, la forte liquidità a disposizione dei paesi arabi e la risposta molto positiva dell’islamic banking alle recenti crisi rendono lo sviluppo della finanza islamica una necessità anche per il vecchio continent. The situation in Europe sees the continuing role of London as the leading western market, but there are other important initiatives in countries such as France and Italy.
Canzano 4 - Even in Italy are starting to assess the huge opportunities offered by the Islamic sector?
MASULLO - Our country seems to be starting to realize the enormous opportunities that the implementation of the Islamic sector offers, especially from a political-strategic point of view, in light of the recent birth of the Union for the Mediterranean, a harbinger of potentially great possible cooperation for the Italian-Arab Axis.
Canzano 5 - Islamic finance has a stretta dipendenza dai testi sacri?
MASULLO - La cornice di riferimento dell’etica commerciale islamica, è infatti, da un millennio la Sharia, termine arabo usato per indicare la legge divina contenuta nel Corano e nella Sunna. Il Corano contiene l’insieme delle rivelazioni che il Profeta Maometto afferma di aver ricevuto quattordici secoli fa da Allah ed è destinato ad ogni uomo sulla terra a prescindere dalla sua fede religiosa. La Sunna, invece, seconda fonte della legge islamica, è costituita dagli atti e dai detti del Profeta, trasmessi negli Hadith. Nell’analisi delle fonti religiose, un ruolo centrale è quello del Fiqh, la giurisprudenza islamica, che permette una lettura appropriata ed una corretta interpretazione della volontà divina. Sembra evidente a questo punto, come risulti difficile gestire l’islamic banking solo con le leggi del sistema bancario-finanziario capitalistico, troppo lontano dal preciso utilizzo del denaro dettato dalla legge coranica. Nei paesi in cui la Sharia è legge di stato, come in Iran, Sudan, Pakistan, si è giunti alla completa islamizzazione del sistema bancario, con la scomparsa delle banche convenzionali. Negli altri paesi a maggioranza musulmana, invece, i due tipi di istituti bancari convivono in un esempio di dual banking. In realtà, la legge cranica nell’enunciare i principi economici, si presta a varie interpretazioni critiche dei testi sacri, lasciando spazio ai differenti punti di vista the different schools of thought.
Canzano 6 - The five pillars of Islam the foundation of the Islamic faith, are shared across the entire Muslim population?
MASULLO - The first pillar of Islam is the prohibition of lending at interest related to the time factor, Riba, which equated to wear, is seen as one of exploitation and injustice. These same restrictions have operated for centuries even in Christianity, then slowly bend to the pressure of the reformists and the needs of business. The RIBA is, however, only the first of five basic Islamic principles, which directly affect the daily lives of the Muslim population prohibiting certain conduct, even with significant consequences on business practices. Other limitations concern the prohibition to take action Gharar, activities at the base with an unreasonable uncertainty, Maisie, very similar to speculation; Haram activities in areas specifically prohibited by the Koran, such as distribution and production of alcohol, tobacco, weapons, pork , pornography and gambling. The fifth and final pillar of Islam is zakat, which is the religious obligation of "purification" of their wealth, which every Muslim must fulfill in order to define a true believer. Often seen as alms, zakat, has no element of voluntariness. In fact, originally as a levy on each of the luxuries and serves to make legitimate and useful to the community's material wealth. All this translates into a payment of a share of earnings, which is redistributed in favor of the most vulnerable sectors of Islamic society. Islamic banks, given the prohibition of Riba, they had to implement an alternative method of allocation of resources, which traditionally has been reflected particularly in the technique of sharing losses and profits. Nell'islamic banking the profit can be legitimized only by the risk component, since, according to the Sharia, the gain is not admissible, unless it is linked to recruitment risk. It is, therefore, a new and different relationship between the creditor and debtor. The partnership, however, is a concept common to many religions and communities, but in this culture that has become the foundation of economic and social as well, leading many observers to recognize a potential greater equity in Islamic finance. In a system centered on the partnership, the lender does not require cash interest, but takes part in what will be the results of the activity, as a percentage of future profits. Similarly, the erosion of capital in case of loss will be borne by both parties.
Canzano 7 - What is it based on this model participation?
MASULLO - This model of participation is based on two fundamental elements: the relationship of trust between those who make available the funds and who uses them, share the same fate requires the creation of a fruitful and lasting relationship based on mutual interest; the impossibility of the formation of pockets of wealth at the expense of the weakest and usually with fewer bargaining skills. In an entirely Muslim, then, being linked by economic relations-sharing relationship of economic performance, a company produces more profits, plus the lending bank to get financing by way of remuneration. Simultaneously, Moreover, depositors acquire an amount of wealth, the greater the greater the profits of the financial institution. It would create an automatic process of allocation of wealth, it is possible that the Western economy and mired in a series of agreements, compromises, conflicts of power. The comparison on the distribution of wealth leads to assert greater social equity in Islamic finance, beyond those that are religious, political and cultural. In this sense, the more attention that an Islamic bank must have regard to the soundness of the project and management skills of the entrepreneur, makes the creditworthiness relatively less important.
Canzano 8 - The Islamic banks can not finance projects financed by conventional banks?
MASULLO - Projects not funded by mainstream banks, may very well be financed by Islamic banks through the technique of profit loss sharing, which can serve as a stimulus to economic development in developing countries. In this sense, the more attention that an Islamic bank must have regard to the soundness of the project and management skills of the entrepreneur, makes the creditworthiness relatively less important.
Canzano 9 - What importance is attached to the corporate governance and corporate governance?
MASULLO - In a purely management perspective, issues such as corporate governance and corporate governance, assume greater importance in the Islamic reality, given the religious nature of the underlying layer of government financing and additionality resulting from the Sharia Supervisory Boards. The feature common to all financial institutions is the presence of this independent committee, consisting of experts in law and Islamic finance, which monitors the ex-ante, on the compliance of Shariah. In the area of \u200b\u200bcorporate governance, is also clearly recognized, even in the Islamic financial world, the indispensability of risk management. The Islamic banking system, despite significant differences in the subject, does not seem to want to give up confrontation with the principle of "conventional" regulation of capital, given the position of absolute rule that the Basel Accord has won an international level. You can try to describe the phases and the solutions adopted to reformulate the conventional banking towards the introduction of Islamic finance. Of course, a choice can be as important as the introduction of Islamic banking must be based on appropriate requirements in terms of demand. In fact, the very demand for such products, as seen previously, is in constant development. This is due to the growing interest of investors led Islamic especially sigenze geographical diversification of their portfolios. Clearly, the development and implementation of legislation related to the implementation of an Islamic financial system in need of highly trained professionals in the field, to cater to the demand of consumers who want to comply with the dictates of the Koran.
Canzano 10 - What are the areas of greatest importance for the establishment of an Islamic bank?
MASULLO - The areas of greatest importance during the introduction of an Islamic bank are four compliance with sharia, the strict separation of Islamic funds from conventional ones, the creation and dissemination of accounting standards and the increased number awareness campaigns. In terms of compliance with Shariah Scholars us relies on Sharia, or Islamic law experts, whose task is to certify that the banking is done in accordance with Islamic principles. These experts, sharing in the different institutions, promote overall consistency of their services. The first measure to take if you want to offer Islamic products is therefore the appointment of a Shariah board, which minimizes the risk Sharia. An important role for steering the distinct international multilateral institutions created to promote the development of Islamic banking. These institutions, while not binding powers, however enjoyed high consideration by international policy-makers. A second point to be addressed clearly in the early stages of the implementation is a clear distinguished from conventional Islamic funds. It is, in this case, a basic principle established in order to maintain the moral purity of all Islamic transactions. The third variable to consider is the financial landscape. Unfortunately, in fact, the rapid expansion of Islamic banking has not been accompanied by the same development of internationally accepted accounting rules, not favoring the impression of greater transparency of the Islamic sector. Regarding transparency, in addition, the information that depositors and investors about the risks will be in the development of Islamic banking. It is therefore necessary that the consumer is informed and in this sense could be very useful for awareness campaigns.
Canzano 11 - When can the conversion to the Islamic banking?
MASULLO - The conversion to the Islamic banking is possible in different forms, depending on the willingness of the intermediary itself and its interest in the field. Conventional financial institutions generally prefer, during the initial phase, explore the potential of the market through a pilot project that takes the form of Islamic windows. The Islamic windows, in fact, can satisfy the basic needs of score of an Islamic society, offering mainly deposits and trade finance to small-and medium-sized enterprises. When implemented un'islamic window, and having continued for a period of time necessary to secure a customer base, the financial institution can decide whether to establish an Islamic subsidiary or convert to a bank fully Islamized. The advantage of opting for the subsidiary is able to continue serving customers conventional, while the choice for conversion into a fully Islamic bank are significant benefits in terms of credibility. In conclusion, there is considerable debate regarding consistency with the Sharia, as to the introduction of Islamic banks with capital from conventional banks. In this case, there is absolutely no guarantee that these funds originate from activities in accordance with Islam. In this regard, often the solution adopted was to allow formation of the new Islamic institution in any case, if future deliberations charitable donations as a way of purification of funds.
Canzano 12 - How was the interaction between economy-religion-ethics in Europe?
MASULLO - In the old continent has always been very lively interaction between economics, religion and ethics. The economic history of Europe is in fact an example of how the plot dell’attività economica e finanziaria con i credo religiosi e le tradizioni sia sempre stato in costante evoluzione e finalizzato a fornire risposte adeguate all’evolversi della società. La presenza araba in Europa tra l’ottavo e l’undicesimo secolo, soprattutto in Spagna, Francia, Portogallo e Italia, è stata un esempio di società votata alla cultura, alla tolleranza e alla prosperità economica grazie soprattutto ai fiorenti commerci fra oriente ed occidente. Tali connessioni storiche, sommate alla recente spinta verso la globalizzazione in termini sia di flussi migratori musulmani verso l’Europa sia di internazionalizzazione dei mercati, rinvigoriscono l’interesse per la finanza islamica da parte del vecchio continent. It does not seem random, then, the demand for finance and Shariah-compliant banking products recently come to light in many European countries. The institutional response on the part of both governments that the supervisory authorities of the banking system has been very different in different countries. United Kingdom, France and Germany have responded, albeit with varying intensity, to such needs. In other situations, however, the great interest in the field has been hampered by the attitude of cautious waiting, as in the Italian case, limited almost entirely the development of this alternative financial system. The future potential of this application can be found in the fact that Islam are currently the fastest growing religion in the world and that this development is accompanied, especially in European countries, also by an increase in middle-class Muslims.
Canzano 13 - Customers prefer European Muslims Halal manage their own financial affairs?
MASULLO - It 's difficult, so do not speculate on the future growth of Islamic finance in Europe, driven also by preference, more decisive, customer management European Muslim Halal their own financial affairs. To date, there are about fifteen million Muslims living in the old continent, with a total amount of assets under management, estimated fourteen billion dollars in 2020. In questo senso, gioca un ruolo importante anche il crescente interesse per i prodotti finanziari islamici mostrato anche da parte della popolazione non musulmana, vista la sicurezza che i prodotti Sharia compatibili offrono sia in termini etici che di collegamento con il sistema reale. Tutte queste variabili hanno spinto le autorità competenti in materia, negli ultimi anni, ad accogliere e cercare di soddisfare tutte le richieste della comunità musulmane europea, spesso ignorate in passato. Inoltre, la crescente richiesta di prodotti islamici da parte di investitori professionali per ragioni di diversificazione di portafoglio, ha spinto verso la visione dell’islamic banking come una lucrativa opportunità di business. La prova tangibile delle potenzialità industry and its Islamic, albeit limited, maturity occurred in the last period of complete instability of international markets. It seems, in fact, that "the business of Islamic finance has not been touched by the subprime storm. Indeed, the credit crisis could encourage the expansion of financial products compliant with Islamic laws outside of markets in Asia and the Gulf countries, thanks to their constant connection with the real economy. A confirmation of this view comes on the performance of major stock indices of the Islamic sector. In 2007, in fact, Djimi Djimi and Europe were valued respectively, of sixteen and twenty percent, yields much superiori ai rispettivi indici americani. Nello stesso anno, infatti, il DJUS ha registrato un aumento nell’ordine del sei per cento. Dopo queste considerazioni, sembra lecito concludere che i prodotti finanziari islamici si stiano spostando nell’Europa continentale, con diversa intensità nei vari paesi, da prodotti di nicchia a prodotti di più ampio espiro. Inizia a diffondersi nell’opinione pubblica europea la considerazione, del sistema di relazioni economico finanziarie regolamentate dal diritto islamico come una solida e praticabile alternativa, o meglio un’aggiunta al sistema finanziario convenzionale.
Canzano 14 – Come si comporta la lobby bancaria tradizionale?
MASULLO - Al riguardo, the traditional banking lobby has no interest in losing market share and hence its monopoly position in European financial markets in favor of Islamic financial institutions. However, as seen at the same time, can not afford not to consider the important reality of Islamic savings. In this sense, the compromise seems to have been achieved through the implementation, in almost all European cases, by the Islamic windows of conventional institutions. In the West, particularly in Europe, the Islamic banking system has captured the attention of the financial world and regulatory authorities in the last decades of the twentieth century. La questione è stata affrontata diversamente nei vari paesi, ma tuttavia resta l’Inghilterra la nazione ad aver maturato l’esperienza più significativa in materia, rappresentando un modello da seguire nell’adozione dell’islamic banking per i paesi a maggioranza non musulmana. Il Regno Unito è stato capace di attrarre le maggiori banche islamiche oltre che per la numerosa popolazione musulmana residente, conseguenza delle forti relazioni storiche con vari paesi orientali, anche grazie alle notevoli capacità degli operatori del settore finanziario e all’importanza a livello internazionale del mercato inglese. A livello geografico poi, l’alternativa inglese risulta allettante se confrontata con quella americana, peraltro disadvantaged by the current political relations with some Islamic countries. The sum of all these variables has led to a natural address of the Muslim world to the UK.
Canzano 15 - When Islamic banking was born in England?
MASULLO - Formally, the emergence of Islamic banking in England dates back to 1982, by establishing the Al Baraka International Bank in London. Since then and over the years, the British have dealt with the implementation of Islamic finance while avoiding any discussion of religious or cultural. The Islamic banking was regarded simply financial innovation, which emerged within the industry financial services. It is, in fact, avoided a law that was tied to a specific religious belief, maintaining the important principle of the one banking license, unlike other countries, as seen have opted instead for a dual banking system. The implementation process of an Islamic financial institution in the United Kingdom is therefore equal to that of any conventional bank. This is because it was considered appropriate not to introduce the category of the Islamic bank but only amend existing legislation to allow it to operate. Two issues have focused particular attention, the tax neutrality of Sharia compliant products and principle of protection of deposits. The first action to ensure a tax neutral to the two different financial systems were obtained with the "Finance Act" of 2003 and subsequent amendments in 2005. It 'was, in fact, first introduced the abolition of double stamp duty on property transactions similar to the Murabaha contract and then created the concept of "alternative financial income, which was given the same tax deductibility of interest expense. Without ever mentioning the names of Islamic contractual structures, the English legislature has defined the general concept, however, specifying precise conditions under which it is possible to include the main Islamic contracts. In this sense, was awarded to the fee estate or a un'Ijara Musharaka, the same tax deductibility of mortgage interest payments. As regards the protection of deposits, however, an important role was that of the Islamic Bank of Britain, established in 2004. In this respect the English law requires compulsory repayment that you have a deposit. However, as stated in the text, which is inconsistent with the basic principles of Islamic finance, which makes the reimbursement of business related to the result. The problem was easily overcome by the inclusion, in English law, some specific clauses in the contract of deposit. In Islamic Bank of Britain, in fact, iltitolare deposit investment is exposed to the risk that affected the value of the deposit. However, should this occur, the bank has the ability to mitigate the loss of the applicant, by reducing or waiving the collection of fees or drawing directly to a fund for the stabilization of profits. It 'important, however, stressed that the bank concerned is nevertheless obliged to offer the applicant a fee for the amount of loss. In case the applicant decides to accept the offer by the bank receiving the consideration for that loss, will no longer be considered to be consistent with Islamic principles. Con queste specifiche clausole si è riusciti a preservare sia il principio di partecipazione ai profitti e alle perdite sia quello di tutela dei depositi. L’istituzione dell’Islamic Bank of Britain ha favorito, inoltre, la nascita di una realtà operativa retail, che visti gli attuali due milioni di musulmani residenti nel paese, presenta un ottimo mercato domestico potenziale che chiede di essere seriamente considerato. Oggi, alcune conventional banks operanti nel paese, offrono ai clienti britannici un’ampia scelta di prodotti e servizi. Particolare interesse riscuotono l’investment banking, il project finance, il private banking e alcuni finanziamenti retail, soprattutto nella forma della Musharaka decrescente. In questa figura contract, the borrower gradually acquires the assets of the provider, a simultaneous payment of rent. The current twenty billion dollars in Sharia-compliant activities, make the UK market the eighth to the way Islamic financial center and the first in Western countries.
Canzano 16 - What are the objectives of the current UK Government on Islamic finance?
MASULLO - The objectives of the current UK Government on Islamic finance are clear and consist in maintaining the leading position of London as an international financial center, continuing to expand the range of financial products available to consumers and ensuring that none denied taking any financial asset, because of religious discrimination. The choice of English law, with respect to the principle of single banking license, appears to have indirectly influenced the choice common to most conventional financial institutions, the adoption of the "Islamic Windows". These handy window on the world of Islamic banking, would, in fact, a preliminary analysis of the actual application of the Islamic sector. The working formula, has been a key factor in the recent development of Islamic finance in the UK. In conclusion, the latest laws of the country's Islamic banking include the introduction of the possibility to amend the legislation on financial assistance through secondary legislation, so as to provide additional flexibility to the system. Just such flexibility should help the sector to achieve important objectives, Islamic, in terms of standardization of products and services, often missed in the past. The recent exponential growth of the sector and the problems arising from different interpretations of Sharia Scholars do not seem, in fact, it led to the standardization of English in the field of Islamic banking. The British government intends to remove the last technical obstacles impeding the release of 'Islamic bonds', financial products that comply with sharia, or Islamic law. The announced il Ministero del Tesoro; secondo molti banchieri islamici - nel Paese ci sono cinque banche islamiche - il Parlamento votera' il mese prossimo per definire i 'sukuk' come bond, piuttosto che come veicoli di investimento, e cio' favorira' lo sviluppo di questo mercato. Nel rispetto della legge islamica, i sukuk non prevedono il pagamento di interessi, ma dal punto di vista regolatorio sono stati finora difficili da classificare. Il provvedimento che il governo presentera' in parlamento ridurra' i costi legali e rimuovera' gli ostacoli alla loro emissione.Sarah McCarthy-Fry, sottosegretario al Tesoro ha spiegato che ''il governo intende migliorare la competitivita' del Regno Unito nei servizi finanzari mantenendo la posizione di leader nella finanza islamica internazionale, e facendo si' che chiunque, a prescindere dalla fede religiosa, abbia accesso a prodotti finanziari con prezzi competitivi.
Canzano 17 – In Europa quanti musulmani vi risiedono?
MASULLO - L’attuale popolazione musulmana del vecchio continente si aggira sull’ordine dei venti milioni di persone, la metà dei quali residenti nelle due grandi comunità francese e tedesca. Il primo paese europeo in termini di musulmani residenti è la Francia, anche se alcuni problemi di stima scaturiscono dal divieto di censire la popolazione della Repubblica francese in base al carattere religioso.
Canzano 18 – Cosa succede in Francia?
MASULLO - I sei milioni Muslims currently in the area are connected to the trans migration mainly from Algeria, Morocco and Tunisia. France maintains, in fact, a strong economic and political influence in these countries, the result of its strong historical and cultural connections with the Arab world in general. Without considering the merits of social, some qualitative features of the Muslim population across the Alps are important: half the residents are Muslim French citizens to all intents and often it is immigration now second or third generation. These peculiarities, which increase exponentially the need for financial services applications, especially in real estate. All these considerations seem, therefore, justify the enormous interest in the field of Islamic finance by the government-Alpine, interest revived by the recent demand for licenses to operate in the country, from three of the most important Islamic financial institutions: The Qatar Islamic Bank, Kuwait Finance House and Al-Baraka Islamic Bank. In this regard, it seemed very positive opinion of the French Minister of Economy and Finance Christine Lagarde, aiming to issue the necessary authorizations already by 2010. In the field of Islamic finance, the stated objective of the French government is to vigorously implement the Sharia-compliant system, with a particolare al segmento wholesale che rappresenta il business principale del settore islamico a livello globale. In una prima fase si punterà, quindi, soprattutto ai settori dell’investment e corporate banking e, solo in un secondo momento, si svilupperà l’allettante segmento retail. Tale pianificazione mira a portare in Francia una quota significativa della liquidità orientale per competere, nel lungo periodo, con Londra, per la leadership del settore a livello europeo. L’obiettivo della leadership europea potrebbe sembrare poco realizzabile, visto l’attuale significativo svantaggio francese in materia di islamic banking ma, con una più attenta valutazione, considerando le posizioni di partenza e le potenzialità, se ne rivaluta la credibilità, almeno per quanto riguarda l’obiettivo di lungo periodo. In questa direzione, la Francia sta lavorando molto per recuperare il terreno perso cercando di suscitare interesse nella comunità finanziaria francese sviluppando una più approfondita conoscenza in materia. Al riguardo, un ruolo fondamentale è stato quello dei primi due forum nazionali sull’islamic banking. Nel primo, del 2007, si è infatti chiarito alla comunità finanziaria francese, quali potessero essere i risvolti positivi, in termini di attrattiva internazionale, dell’implementazione dell’islamic banking nel mercato parigino. Nel secondo, tenutosi l’anno passato si sono, invece, analizzate le variabili su cui work, so that the implementation of the Islamic sector can take place without problems. Currently, the French debate focuses on questions of policy and regulations, to make possible the necessary technical adjustments to the French legislation in order to reduce the typical tax and legal impediments to the development of Islamic finance. In this important first phase of implementation of the Islamic system, the Minister Lagarde, supported by a committee of financial experts, seems to want to forge a new path to implementation based on the needs of the French population. It 'was, in fact, the very strong Muslim community, through various associations, to push politics to a greater view of the sector in terms of useful reforms to introduce Islamic financial instruments. In this regard, in 2007, the French financial market authorities authorized the creation of collective investment schemes Sharia-compliant, licensed under the compliance with specific criteria such as investment in some sectors Halal application of financial ratios. In this regard, are excluded companies with total debt on the balance sheet of more than one third of their average market capitalization of last year. From a technical point of view, the square of Paris seems to provide the necessary skills to succeed in creating great synergies between Islamic and conventional system. The speed with cui l’islamic banking si svilupperà nel territorio francese, dipenderà molto, quindi, dall’operato del governo e da come questo settore innovativo verrà percepito dalla popolazione.
Canzano 19– E lo sviluppo del settore islamico in Germania?
MASULLO - Lo sviluppo del settore islamico in Germania, ha avuto invece, sorti differenti rispetto alla realtà francese. I cinque milioni di musulmani residenti nel territorio tedesco, per la maggior parte di origine turca, non sono riusciti a mantenere alto l’interesse del governo in materia. A tal proposito, nel recente passato, la Germania si era distinta per interventi pioneristici nell’islamic banking, come la prima emissione europea sukuk in 2004, an amount equal to one hundred million euro, which took place in the federal state of Saxony-Anhalt. This initiative, however, despite the positive response in terms of signing, has not found the right result, why not favored by the German policy, characterized by a progressive decline of interest in the Islamic sector, in contrast with other countries Europe. The lack of political interest in the field of Islamic banking seems to arise mainly from problems of education to address the market and the market. In the education market, the role of the German authorities seem at this stage, insufficient to support the development of the sector while the Islamic under the terms of the address of the market, many financial institutions are operating in Germany, working though, just beyond national borders. In this regard, the Bundesbank did not issue any licenses in this area, forcing all transactions made on the Sharia-compliant national territory to be organized in collaboration with foreign Islamic banks. The general lack of interest in political Teutonic, however, did not appear very limited amount of Arab investments in both the capital market is in real estate in Germany. In addition, the less discriminatory character of the German legal system to meet the needs of Islamic banking, aimed especially at the level of interference tax seems to have favored the growth of Islamic finance transactions, structured primarily as Sukuk, mudaraba and Musharaka. In conclusion, the strong Muslim component in Germany, its economic potential in the world and the effects of the recent financial crisis will only encourage the development of Islamic banking as a response to the needs of the resident Muslim community both as an alternative, in terms diversification for the entire German population. It is clear, therefore, as the current market share of Islamic finance in Germany is very far from her. The Arab investments in German real estate sector totaled more than EUR 400 million of assets in their possession and another 300 million are expected this year. potential, consider this, which helps to fuel the interest in the matter.
Canzano 20 - The Italian situation and the potential market for Islamic banking?
MASULLO - The history of Islam in Italy has deep roots that go back to 'the nineteenth century, a time when Sicily and other southern regions suffered the Arab rule for more than two centuries. Today, Italy is home to nearly a half million Muslims who represent more than thirty per cent of the foreign resident population and almost three percent of the national population. In terms of economic importance, it should be noted, moreover, as the six percent del Prodotto Interno Lordo italiano sia prodotto esclusivamente da immigrati e come le necessità finanziarie della popolazione islamica residente si siano evolute, parallelamente al più alto livello di integrazione raggiunto, verso più sofisticate tecniche economiche. Da bisogni finanziari base come le rimesse degli emigranti o i servizi di pagamento, si è passati a necessità di più lungo periodo, tipiche di una popolazione di seconda generazione che continua a crescere anche in termini di disponibilità economiche. Con il consolidamento della presenza sul territorio, la comunità islamica ha avviato operazioni di acquisto di proprietà immobiliari, sia private che commerciali, finanziate tramite strumenti bancari convenzionali o attraverso rare soluzioni mirate offerte da istituti di credito nazionali. A livello imprenditoriale, inoltre, nel territorio italiano si contano circa settantamila imprese avviate da cittadini musulmani che necessitano di una maggiore innovazione finanziaria. Lo sviluppo della finanza Shariah-compliant in Italia risponde, dunque, sia ad esigenze di investimento sia a quelle di risparmio da parte della collettività islamica presente a livello nazionale. Nonostante tali connessioni sia storiche che attuali, l’Italia resta uno dei pochissimi primari paesi europei a non aver ancora implementato il sistema finanziario islamico, diffuso ormai in tutte le principali piazze finanziarie globali. In Italia si nota però, un recente significativo interessamento in questo senso da is part of the market that the political system in general. Italian banks are, in fact, slowly becoming aware of the opportunities that the implementation of the Islamic sector offers competitive terms, including increased bank deposits, the potential synergies with the entire Arab world, the greater capacity of business internationalization and the powerful message of social inclusion. As evidence of this interest in the subject, in 2007 the Italian Banking Association and the Union of Arab Banks, namely the Arab banking industry as a whole, have signed a memorandum of intent, under which has been programmed active collaboration between parties. It 'was expected, In fact, a work approach and cooperation between the two banking systems to try to increase the already strong economic ties between Arab countries and the Mediterranean ones, above all Italy. In Italy was completed in 2006, the first Islamic financial transactions in Italy, a Murabaha applied to a real estate transaction in Pavia. Despite the undoubted symbolic value, this operation has proved very costly for the truth, given the persistence in Italy, the double stamp duty on Murabaha, due to the double dummy transfer of ownership of the property. Tax issue, this, common to other European countries. The second initiative in the field of Italian Muslim concerns implementation of a transaction and Ijara Wa Iqtina is requesting several months of legal and fiscal analysis to be able to satisfy the requirements of Shariah and those of the Italian Civil Code. Despite these individual examples, however, the banking industry have been greatly disadvantaged by the lack of a regulatory framework is essential for the development of the sector. The spread of Sharia-compliant financial instruments in Italy is definitely a need for the country's competitiveness and adaptation to the international trend, but their introduction and their use requires proper management and supervision for the many difficulties related both to their interpretation that their implementation.
Canzano 21 - What are issues related to the opening of an Islamic bank in Italy?
MASULLO - From a statutory point of view, the basic problem is the pattern of collection and the Islamic bank loan that requires no repayment obligation, must, however, in conventional banking systems. In fiscal matters, moreover, have many operational hurdles, such as double stamp duty on property transaction on a Murabaha structured and non-tax deductibility of financial expenses, an Ijara property. In this regard, the conceptually correct approach seems to be based on the tax treatment applied to the economic transaction and not legal standpoint. The British model mentioned earlier, having already faced and solved these problems, it can certainly serve as a model to inspire them. The choice of the British legislation does not define a party looking for, instead of framing flexibility with the phenomenon of Islamic banking in the existing regulatory framework, it seems, in fact, the most opportune time for European countries. For an initial analysis of existing conditions I consider that the implementation of an Islamic bank in Italy, the aim of all the initiatives listed above, can greatly promote the country as an additional channel for economic development and finance available to the public in the development of its economic with the neighboring Arab world. It seems necessary, infatti, vista la globale crisi di liquidità, promuovere investimenti nelle due direzioni ed intercettare una parte di surplus di risparmio proveniente dal mondo islamico. In conclusione, il posizionamento strategico dell’Italia, la sua fitta rete di piccole istituzioni finanziarie distribuite sul territorio e il più forte movimento di finanza etica in Europa, rendono l'Italia un candidato naturale per lo sviluppo del settore islamico. Ritengo, a questo proposito, che una volta risolti i problemi di carattere fiscale e normativo, l ' Italia potrà svolgere un ruolo centrale nel mediterraneo ; il paese infatti, oltre ad avere una bilancia commerciale di svariati miliardi di dollari con i paesi del Consiglio di Cooperazione del Golfo, svolge un ruolo chiave nel dialogo euro-arabo, rappresentando il paese del G7 più vicino al mondo arabo. L'interesse verso la finanza islamica si pone, dunque, come una questione di posizionamento strategico-politico, anche in relazione alla nascita dell'Unione per il Mediterraneo che punta a coinvolgere economicamente i quarantatre paesi del mediterraneo meridionale e orientale, attraverso la loro cooperazione in specifiche attività pubbliche e private.
Canzano 22– Resta sempre aperto il dibattito sulla compatibilità delle attività islamiche con l'attuale sistema di regolamentazione bancario italiano?
MASULLO - Sebbene il dibattito sulla compatibilità delle attività islamiche con l'attuale sistema di regolamentazione bancario italiano resti ancora aperto, la seconda direttiva UE sul settore bancario, grazie al principio del “mutuo riconoscimento” sembra facilitare, almeno in linea di principio, l'apertura di una banca islamica sul territorio italiano. L’utilizzo del passaporto bancario che permette ad un ente bancario autorizzato in un paese europeo di offrire prodotti in tutta l'Unione Europea senza la necessità di disporre di autorizzazione separata sembra, infatti, una valida alternativa in termini operativi. La situazione attuale, vede però, il persistere delle difficoltà del sistema bancario italiano, soprattutto nel confronto con un modello di intermediazione del credito basato su principi di natura religiosa. I prodotti finanziari e i concepts of Islamic finance remains little known even within the financial community and the Italian business. We note, however, about a strong increase in interest in the subject, focuses on the resolution of important issues in statutory interpretation, such as deposit insurance, and the legal characterization of the tax-Islamic activities. In conclusion, the various operations in Arabic program in Italy will serve as a driving force in the field of Islam. In this regard, the most important project concerns Palermo, where over two billion euro, the Limirless, a company in the UAE, aims to rehabilitate the historic center, developing the port and create new tourist areas. All this respect, of course, the principles of Sharia. PROFESSIONAL PROFILE
Born in 1964, BA in Economics and Master in Communication, Marketing and Finance, Knight of the Equestrian Order of the Holy Sepulchre in Jerusalem and the Order 's rib of St. George, active in the financial sector since 1984, former Representative Shout at the Milan Stock Exchange, Consob authorized and registered with the NASD Broker in New York, specializes in consulting and asset management, securities and real estate, finance, business, tax planning, financial reporting and training. He started working in the company Financial Advisors SpA, founded by Pompey Locatelli, then, he has worked for over five years, at the University of Stockbrokers Leander Combi, founded in Milan in 1907, one of the most important in Italy. From 1995 until the sale in 2006, founder, chairman and major shareholder, Advisory Group, and financial intermediary under Article 106 TUB, authorized Italian Exchange Office, Opus Consulting SpA share capital € 625,000. Founding member in 1996 and is still secretary general ASSOCONSULENZA Italian Association of Investment Advisors, the first and only association recognized institution in Italy, is also a founding member in 2008 and secretary general of the Italian Association ASSOCREDITO Consultants Credit Bank e Finanziario di cui è presidente Luigi Pagliuca, già presidente del Collegio di Milano e Lodi dei Ragionieri Commercialisti . Rettore Università ISFOA di Lugano, autore di oltre 300 pubblicazioni e di 22 best sellers aziendali, di cui uno, nel 1998, adottato dall’Università Bocconi di Milano; opinionista presso i più importanti media di settore, quali CNBC Class Financial Network e Bloomberg Television, è stato chiamato come relatore, in Italia ed all’estero, da prestigiose istituzioni quali Marcus Evans, Istituto di Studi Bancari, ISTUD, IUAV Università di Venezia, Università Cattolica del Sacro Cuore di Milano; nel 2002 ha realizzato il primo libro dedicato al Consulente di Investimento. Autore nell' October 2001, the first text dedicated to Bahrain, is editorial director of the Swiss magazine's first Islamic finance, Shirkah Finance, making it one of the leading Italian expert in the field; editor of the magazine Internet Finance www.trend-online.com, is also deputy director of the magazine dedicated to luxury World & Pleasure Magazine and editorial director of Family Office: Family Heritage, the first Italian magazine multimedia, internet and print, specializing in the protection and preservation of family wealth. He has held management positions in consulting or banking groups, insurance, financial, industrial, such as, Norwich Union, CIM Banque, Izar Brogan, Henderson Investors, Fleming, Corner Bank, Lemanik, Nationale Nederland, Banca Popolare Commercio Industria, 81 SIM SpA Family Office, Prudential Life, Banca Popolare di Milano, Cassa di Risparmio di Cento, Cassa di Risparmio di Perugia, Banking Société Privée, Liberty Financial, FMG Fund Marketing Group , Credito Italian, IW Bank, ING Group, Dove Invest SIM, MPS Banca Personale.
giovanna.canzano @ alice.it
... "una volta i problemi di carattere risolti fiscal and regulatory il nostro paese a colt svolgere ruolo nel Mediterraneo centrale. Italy, in addition to having a positive trade balance of several billions of dollars with the countries of the Gulf Cooperation Council, plays a key role in the euro-Arab dialogue, representing the G7 country closer to the Arab world. Interest in Islamic finance arises, therefore, as a matter of political-strategic position, in relation to the birth of the Union for the Mediterranean, which aims to involve economically forty-three southern and eastern Mediterranean countries, through their cooperation in specific public and private sector ... (Stephen M. Masullo)
Canzano 1 - In today's international economic and financial role that can play the introduction of Islamic banking?
MASULLO - In a perspective of long-term development can play a key role in the introduction of Islamic banking, the most profitable sector of the entire international financial scene, with its constant connection to the real economy, appears to offer a viable alternative in terms of stability excessive financialization today or rather, the detachment has developed between financial activity and legal cause and effect of the crisis.
Canzano 2 - What is the alternative message of Islamic finance?
MASULLO - The alternative message of Islamic finance comes from the strong reliance on sacred texts and their considerable influence on law. Islam, while recognizing the opportunities for growth in the value of money over time, it prohibits its implementation in the loan allowing only as part of a real transaction. Eschewing the interest, the Islamic world's financial system based on the concept of Shirkah, namely the sharing of profits and losses of any business. Technique, this is accredited in the literature to have particularly positive effects on aggregate real economy, on development and income distribution. These characteristics lead Shariah-compliant financial institutions to move away from the figure of "debt holder” propria del modello convenzionale, per avvicinarsi di più a quella di “equity investor”, spingendole così ad assumere caratteristiche più simili alle merchant bank. Le peculiarità del sistema islamico richiedono uno sforzo maggiore verso l’armonizzazione degli standard prudenziali e di vigilanza, al fine di limitare gli arbitraggi regolamentari e assicurare regole minime comuni su cui fondare l’ordinato funzionamento del sistema finanziario globale. Al riguardo, sembra auspicabile una estensione al sistema tradizionale di alcuni comportamenti tipici del sistema islamico.
Canzano 3 – Come opera l’isalmic banking nello scenario internazionale?
MASULLO - Nello scenario internazionale, l’islamic banking si presenta con caratteristiche diverse nei vari paesi in cui è operativo, in base al grado di islamizzazione del sistema finanziario ritenuto opportuno dai rispettivi governi. Al riguardo, nella maggior parte delle esperienze nazionali, si è optato per un sistema di dual-banking, in cui i due differenti sistemi finanziari condividono lo stesso ambiente macroeconomico con interessanti reciproche interdipendenze. In una prospettiva di lungo periodo, gli oltre quindici milioni di musulmani presenti sul territorio europeo, la forte liquidità a disposizione dei paesi arabi e la risposta molto positiva dell’islamic banking alle recenti crisi rendono lo sviluppo della finanza islamica una necessità anche per il vecchio continent. The situation in Europe sees the continuing role of London as the leading western market, but there are other important initiatives in countries such as France and Italy.
Canzano 4 - Even in Italy are starting to assess the huge opportunities offered by the Islamic sector?
MASULLO - Our country seems to be starting to realize the enormous opportunities that the implementation of the Islamic sector offers, especially from a political-strategic point of view, in light of the recent birth of the Union for the Mediterranean, a harbinger of potentially great possible cooperation for the Italian-Arab Axis.
Canzano 5 - Islamic finance has a stretta dipendenza dai testi sacri?
MASULLO - La cornice di riferimento dell’etica commerciale islamica, è infatti, da un millennio la Sharia, termine arabo usato per indicare la legge divina contenuta nel Corano e nella Sunna. Il Corano contiene l’insieme delle rivelazioni che il Profeta Maometto afferma di aver ricevuto quattordici secoli fa da Allah ed è destinato ad ogni uomo sulla terra a prescindere dalla sua fede religiosa. La Sunna, invece, seconda fonte della legge islamica, è costituita dagli atti e dai detti del Profeta, trasmessi negli Hadith. Nell’analisi delle fonti religiose, un ruolo centrale è quello del Fiqh, la giurisprudenza islamica, che permette una lettura appropriata ed una corretta interpretazione della volontà divina. Sembra evidente a questo punto, come risulti difficile gestire l’islamic banking solo con le leggi del sistema bancario-finanziario capitalistico, troppo lontano dal preciso utilizzo del denaro dettato dalla legge coranica. Nei paesi in cui la Sharia è legge di stato, come in Iran, Sudan, Pakistan, si è giunti alla completa islamizzazione del sistema bancario, con la scomparsa delle banche convenzionali. Negli altri paesi a maggioranza musulmana, invece, i due tipi di istituti bancari convivono in un esempio di dual banking. In realtà, la legge cranica nell’enunciare i principi economici, si presta a varie interpretazioni critiche dei testi sacri, lasciando spazio ai differenti punti di vista the different schools of thought.
Canzano 6 - The five pillars of Islam the foundation of the Islamic faith, are shared across the entire Muslim population?
MASULLO - The first pillar of Islam is the prohibition of lending at interest related to the time factor, Riba, which equated to wear, is seen as one of exploitation and injustice. These same restrictions have operated for centuries even in Christianity, then slowly bend to the pressure of the reformists and the needs of business. The RIBA is, however, only the first of five basic Islamic principles, which directly affect the daily lives of the Muslim population prohibiting certain conduct, even with significant consequences on business practices. Other limitations concern the prohibition to take action Gharar, activities at the base with an unreasonable uncertainty, Maisie, very similar to speculation; Haram activities in areas specifically prohibited by the Koran, such as distribution and production of alcohol, tobacco, weapons, pork , pornography and gambling. The fifth and final pillar of Islam is zakat, which is the religious obligation of "purification" of their wealth, which every Muslim must fulfill in order to define a true believer. Often seen as alms, zakat, has no element of voluntariness. In fact, originally as a levy on each of the luxuries and serves to make legitimate and useful to the community's material wealth. All this translates into a payment of a share of earnings, which is redistributed in favor of the most vulnerable sectors of Islamic society. Islamic banks, given the prohibition of Riba, they had to implement an alternative method of allocation of resources, which traditionally has been reflected particularly in the technique of sharing losses and profits. Nell'islamic banking the profit can be legitimized only by the risk component, since, according to the Sharia, the gain is not admissible, unless it is linked to recruitment risk. It is, therefore, a new and different relationship between the creditor and debtor. The partnership, however, is a concept common to many religions and communities, but in this culture that has become the foundation of economic and social as well, leading many observers to recognize a potential greater equity in Islamic finance. In a system centered on the partnership, the lender does not require cash interest, but takes part in what will be the results of the activity, as a percentage of future profits. Similarly, the erosion of capital in case of loss will be borne by both parties.
Canzano 7 - What is it based on this model participation?
MASULLO - This model of participation is based on two fundamental elements: the relationship of trust between those who make available the funds and who uses them, share the same fate requires the creation of a fruitful and lasting relationship based on mutual interest; the impossibility of the formation of pockets of wealth at the expense of the weakest and usually with fewer bargaining skills. In an entirely Muslim, then, being linked by economic relations-sharing relationship of economic performance, a company produces more profits, plus the lending bank to get financing by way of remuneration. Simultaneously, Moreover, depositors acquire an amount of wealth, the greater the greater the profits of the financial institution. It would create an automatic process of allocation of wealth, it is possible that the Western economy and mired in a series of agreements, compromises, conflicts of power. The comparison on the distribution of wealth leads to assert greater social equity in Islamic finance, beyond those that are religious, political and cultural. In this sense, the more attention that an Islamic bank must have regard to the soundness of the project and management skills of the entrepreneur, makes the creditworthiness relatively less important.
Canzano 8 - The Islamic banks can not finance projects financed by conventional banks?
MASULLO - Projects not funded by mainstream banks, may very well be financed by Islamic banks through the technique of profit loss sharing, which can serve as a stimulus to economic development in developing countries. In this sense, the more attention that an Islamic bank must have regard to the soundness of the project and management skills of the entrepreneur, makes the creditworthiness relatively less important.
Canzano 9 - What importance is attached to the corporate governance and corporate governance?
MASULLO - In a purely management perspective, issues such as corporate governance and corporate governance, assume greater importance in the Islamic reality, given the religious nature of the underlying layer of government financing and additionality resulting from the Sharia Supervisory Boards. The feature common to all financial institutions is the presence of this independent committee, consisting of experts in law and Islamic finance, which monitors the ex-ante, on the compliance of Shariah. In the area of \u200b\u200bcorporate governance, is also clearly recognized, even in the Islamic financial world, the indispensability of risk management. The Islamic banking system, despite significant differences in the subject, does not seem to want to give up confrontation with the principle of "conventional" regulation of capital, given the position of absolute rule that the Basel Accord has won an international level. You can try to describe the phases and the solutions adopted to reformulate the conventional banking towards the introduction of Islamic finance. Of course, a choice can be as important as the introduction of Islamic banking must be based on appropriate requirements in terms of demand. In fact, the very demand for such products, as seen previously, is in constant development. This is due to the growing interest of investors led Islamic especially sigenze geographical diversification of their portfolios. Clearly, the development and implementation of legislation related to the implementation of an Islamic financial system in need of highly trained professionals in the field, to cater to the demand of consumers who want to comply with the dictates of the Koran.
Canzano 10 - What are the areas of greatest importance for the establishment of an Islamic bank?
MASULLO - The areas of greatest importance during the introduction of an Islamic bank are four compliance with sharia, the strict separation of Islamic funds from conventional ones, the creation and dissemination of accounting standards and the increased number awareness campaigns. In terms of compliance with Shariah Scholars us relies on Sharia, or Islamic law experts, whose task is to certify that the banking is done in accordance with Islamic principles. These experts, sharing in the different institutions, promote overall consistency of their services. The first measure to take if you want to offer Islamic products is therefore the appointment of a Shariah board, which minimizes the risk Sharia. An important role for steering the distinct international multilateral institutions created to promote the development of Islamic banking. These institutions, while not binding powers, however enjoyed high consideration by international policy-makers. A second point to be addressed clearly in the early stages of the implementation is a clear distinguished from conventional Islamic funds. It is, in this case, a basic principle established in order to maintain the moral purity of all Islamic transactions. The third variable to consider is the financial landscape. Unfortunately, in fact, the rapid expansion of Islamic banking has not been accompanied by the same development of internationally accepted accounting rules, not favoring the impression of greater transparency of the Islamic sector. Regarding transparency, in addition, the information that depositors and investors about the risks will be in the development of Islamic banking. It is therefore necessary that the consumer is informed and in this sense could be very useful for awareness campaigns.
Canzano 11 - When can the conversion to the Islamic banking?
MASULLO - The conversion to the Islamic banking is possible in different forms, depending on the willingness of the intermediary itself and its interest in the field. Conventional financial institutions generally prefer, during the initial phase, explore the potential of the market through a pilot project that takes the form of Islamic windows. The Islamic windows, in fact, can satisfy the basic needs of score of an Islamic society, offering mainly deposits and trade finance to small-and medium-sized enterprises. When implemented un'islamic window, and having continued for a period of time necessary to secure a customer base, the financial institution can decide whether to establish an Islamic subsidiary or convert to a bank fully Islamized. The advantage of opting for the subsidiary is able to continue serving customers conventional, while the choice for conversion into a fully Islamic bank are significant benefits in terms of credibility. In conclusion, there is considerable debate regarding consistency with the Sharia, as to the introduction of Islamic banks with capital from conventional banks. In this case, there is absolutely no guarantee that these funds originate from activities in accordance with Islam. In this regard, often the solution adopted was to allow formation of the new Islamic institution in any case, if future deliberations charitable donations as a way of purification of funds.
Canzano 12 - How was the interaction between economy-religion-ethics in Europe?
MASULLO - In the old continent has always been very lively interaction between economics, religion and ethics. The economic history of Europe is in fact an example of how the plot dell’attività economica e finanziaria con i credo religiosi e le tradizioni sia sempre stato in costante evoluzione e finalizzato a fornire risposte adeguate all’evolversi della società. La presenza araba in Europa tra l’ottavo e l’undicesimo secolo, soprattutto in Spagna, Francia, Portogallo e Italia, è stata un esempio di società votata alla cultura, alla tolleranza e alla prosperità economica grazie soprattutto ai fiorenti commerci fra oriente ed occidente. Tali connessioni storiche, sommate alla recente spinta verso la globalizzazione in termini sia di flussi migratori musulmani verso l’Europa sia di internazionalizzazione dei mercati, rinvigoriscono l’interesse per la finanza islamica da parte del vecchio continent. It does not seem random, then, the demand for finance and Shariah-compliant banking products recently come to light in many European countries. The institutional response on the part of both governments that the supervisory authorities of the banking system has been very different in different countries. United Kingdom, France and Germany have responded, albeit with varying intensity, to such needs. In other situations, however, the great interest in the field has been hampered by the attitude of cautious waiting, as in the Italian case, limited almost entirely the development of this alternative financial system. The future potential of this application can be found in the fact that Islam are currently the fastest growing religion in the world and that this development is accompanied, especially in European countries, also by an increase in middle-class Muslims.
Canzano 13 - Customers prefer European Muslims Halal manage their own financial affairs?
MASULLO - It 's difficult, so do not speculate on the future growth of Islamic finance in Europe, driven also by preference, more decisive, customer management European Muslim Halal their own financial affairs. To date, there are about fifteen million Muslims living in the old continent, with a total amount of assets under management, estimated fourteen billion dollars in 2020. In questo senso, gioca un ruolo importante anche il crescente interesse per i prodotti finanziari islamici mostrato anche da parte della popolazione non musulmana, vista la sicurezza che i prodotti Sharia compatibili offrono sia in termini etici che di collegamento con il sistema reale. Tutte queste variabili hanno spinto le autorità competenti in materia, negli ultimi anni, ad accogliere e cercare di soddisfare tutte le richieste della comunità musulmane europea, spesso ignorate in passato. Inoltre, la crescente richiesta di prodotti islamici da parte di investitori professionali per ragioni di diversificazione di portafoglio, ha spinto verso la visione dell’islamic banking come una lucrativa opportunità di business. La prova tangibile delle potenzialità industry and its Islamic, albeit limited, maturity occurred in the last period of complete instability of international markets. It seems, in fact, that "the business of Islamic finance has not been touched by the subprime storm. Indeed, the credit crisis could encourage the expansion of financial products compliant with Islamic laws outside of markets in Asia and the Gulf countries, thanks to their constant connection with the real economy. A confirmation of this view comes on the performance of major stock indices of the Islamic sector. In 2007, in fact, Djimi Djimi and Europe were valued respectively, of sixteen and twenty percent, yields much superiori ai rispettivi indici americani. Nello stesso anno, infatti, il DJUS ha registrato un aumento nell’ordine del sei per cento. Dopo queste considerazioni, sembra lecito concludere che i prodotti finanziari islamici si stiano spostando nell’Europa continentale, con diversa intensità nei vari paesi, da prodotti di nicchia a prodotti di più ampio espiro. Inizia a diffondersi nell’opinione pubblica europea la considerazione, del sistema di relazioni economico finanziarie regolamentate dal diritto islamico come una solida e praticabile alternativa, o meglio un’aggiunta al sistema finanziario convenzionale.
Canzano 14 – Come si comporta la lobby bancaria tradizionale?
MASULLO - Al riguardo, the traditional banking lobby has no interest in losing market share and hence its monopoly position in European financial markets in favor of Islamic financial institutions. However, as seen at the same time, can not afford not to consider the important reality of Islamic savings. In this sense, the compromise seems to have been achieved through the implementation, in almost all European cases, by the Islamic windows of conventional institutions. In the West, particularly in Europe, the Islamic banking system has captured the attention of the financial world and regulatory authorities in the last decades of the twentieth century. La questione è stata affrontata diversamente nei vari paesi, ma tuttavia resta l’Inghilterra la nazione ad aver maturato l’esperienza più significativa in materia, rappresentando un modello da seguire nell’adozione dell’islamic banking per i paesi a maggioranza non musulmana. Il Regno Unito è stato capace di attrarre le maggiori banche islamiche oltre che per la numerosa popolazione musulmana residente, conseguenza delle forti relazioni storiche con vari paesi orientali, anche grazie alle notevoli capacità degli operatori del settore finanziario e all’importanza a livello internazionale del mercato inglese. A livello geografico poi, l’alternativa inglese risulta allettante se confrontata con quella americana, peraltro disadvantaged by the current political relations with some Islamic countries. The sum of all these variables has led to a natural address of the Muslim world to the UK.
Canzano 15 - When Islamic banking was born in England?
MASULLO - Formally, the emergence of Islamic banking in England dates back to 1982, by establishing the Al Baraka International Bank in London. Since then and over the years, the British have dealt with the implementation of Islamic finance while avoiding any discussion of religious or cultural. The Islamic banking was regarded simply financial innovation, which emerged within the industry financial services. It is, in fact, avoided a law that was tied to a specific religious belief, maintaining the important principle of the one banking license, unlike other countries, as seen have opted instead for a dual banking system. The implementation process of an Islamic financial institution in the United Kingdom is therefore equal to that of any conventional bank. This is because it was considered appropriate not to introduce the category of the Islamic bank but only amend existing legislation to allow it to operate. Two issues have focused particular attention, the tax neutrality of Sharia compliant products and principle of protection of deposits. The first action to ensure a tax neutral to the two different financial systems were obtained with the "Finance Act" of 2003 and subsequent amendments in 2005. It 'was, in fact, first introduced the abolition of double stamp duty on property transactions similar to the Murabaha contract and then created the concept of "alternative financial income, which was given the same tax deductibility of interest expense. Without ever mentioning the names of Islamic contractual structures, the English legislature has defined the general concept, however, specifying precise conditions under which it is possible to include the main Islamic contracts. In this sense, was awarded to the fee estate or a un'Ijara Musharaka, the same tax deductibility of mortgage interest payments. As regards the protection of deposits, however, an important role was that of the Islamic Bank of Britain, established in 2004. In this respect the English law requires compulsory repayment that you have a deposit. However, as stated in the text, which is inconsistent with the basic principles of Islamic finance, which makes the reimbursement of business related to the result. The problem was easily overcome by the inclusion, in English law, some specific clauses in the contract of deposit. In Islamic Bank of Britain, in fact, iltitolare deposit investment is exposed to the risk that affected the value of the deposit. However, should this occur, the bank has the ability to mitigate the loss of the applicant, by reducing or waiving the collection of fees or drawing directly to a fund for the stabilization of profits. It 'important, however, stressed that the bank concerned is nevertheless obliged to offer the applicant a fee for the amount of loss. In case the applicant decides to accept the offer by the bank receiving the consideration for that loss, will no longer be considered to be consistent with Islamic principles. Con queste specifiche clausole si è riusciti a preservare sia il principio di partecipazione ai profitti e alle perdite sia quello di tutela dei depositi. L’istituzione dell’Islamic Bank of Britain ha favorito, inoltre, la nascita di una realtà operativa retail, che visti gli attuali due milioni di musulmani residenti nel paese, presenta un ottimo mercato domestico potenziale che chiede di essere seriamente considerato. Oggi, alcune conventional banks operanti nel paese, offrono ai clienti britannici un’ampia scelta di prodotti e servizi. Particolare interesse riscuotono l’investment banking, il project finance, il private banking e alcuni finanziamenti retail, soprattutto nella forma della Musharaka decrescente. In questa figura contract, the borrower gradually acquires the assets of the provider, a simultaneous payment of rent. The current twenty billion dollars in Sharia-compliant activities, make the UK market the eighth to the way Islamic financial center and the first in Western countries.
Canzano 16 - What are the objectives of the current UK Government on Islamic finance?
MASULLO - The objectives of the current UK Government on Islamic finance are clear and consist in maintaining the leading position of London as an international financial center, continuing to expand the range of financial products available to consumers and ensuring that none denied taking any financial asset, because of religious discrimination. The choice of English law, with respect to the principle of single banking license, appears to have indirectly influenced the choice common to most conventional financial institutions, the adoption of the "Islamic Windows". These handy window on the world of Islamic banking, would, in fact, a preliminary analysis of the actual application of the Islamic sector. The working formula, has been a key factor in the recent development of Islamic finance in the UK. In conclusion, the latest laws of the country's Islamic banking include the introduction of the possibility to amend the legislation on financial assistance through secondary legislation, so as to provide additional flexibility to the system. Just such flexibility should help the sector to achieve important objectives, Islamic, in terms of standardization of products and services, often missed in the past. The recent exponential growth of the sector and the problems arising from different interpretations of Sharia Scholars do not seem, in fact, it led to the standardization of English in the field of Islamic banking. The British government intends to remove the last technical obstacles impeding the release of 'Islamic bonds', financial products that comply with sharia, or Islamic law. The announced il Ministero del Tesoro; secondo molti banchieri islamici - nel Paese ci sono cinque banche islamiche - il Parlamento votera' il mese prossimo per definire i 'sukuk' come bond, piuttosto che come veicoli di investimento, e cio' favorira' lo sviluppo di questo mercato. Nel rispetto della legge islamica, i sukuk non prevedono il pagamento di interessi, ma dal punto di vista regolatorio sono stati finora difficili da classificare. Il provvedimento che il governo presentera' in parlamento ridurra' i costi legali e rimuovera' gli ostacoli alla loro emissione.Sarah McCarthy-Fry, sottosegretario al Tesoro ha spiegato che ''il governo intende migliorare la competitivita' del Regno Unito nei servizi finanzari mantenendo la posizione di leader nella finanza islamica internazionale, e facendo si' che chiunque, a prescindere dalla fede religiosa, abbia accesso a prodotti finanziari con prezzi competitivi.
Canzano 17 – In Europa quanti musulmani vi risiedono?
MASULLO - L’attuale popolazione musulmana del vecchio continente si aggira sull’ordine dei venti milioni di persone, la metà dei quali residenti nelle due grandi comunità francese e tedesca. Il primo paese europeo in termini di musulmani residenti è la Francia, anche se alcuni problemi di stima scaturiscono dal divieto di censire la popolazione della Repubblica francese in base al carattere religioso.
Canzano 18 – Cosa succede in Francia?
MASULLO - I sei milioni Muslims currently in the area are connected to the trans migration mainly from Algeria, Morocco and Tunisia. France maintains, in fact, a strong economic and political influence in these countries, the result of its strong historical and cultural connections with the Arab world in general. Without considering the merits of social, some qualitative features of the Muslim population across the Alps are important: half the residents are Muslim French citizens to all intents and often it is immigration now second or third generation. These peculiarities, which increase exponentially the need for financial services applications, especially in real estate. All these considerations seem, therefore, justify the enormous interest in the field of Islamic finance by the government-Alpine, interest revived by the recent demand for licenses to operate in the country, from three of the most important Islamic financial institutions: The Qatar Islamic Bank, Kuwait Finance House and Al-Baraka Islamic Bank. In this regard, it seemed very positive opinion of the French Minister of Economy and Finance Christine Lagarde, aiming to issue the necessary authorizations already by 2010. In the field of Islamic finance, the stated objective of the French government is to vigorously implement the Sharia-compliant system, with a particolare al segmento wholesale che rappresenta il business principale del settore islamico a livello globale. In una prima fase si punterà, quindi, soprattutto ai settori dell’investment e corporate banking e, solo in un secondo momento, si svilupperà l’allettante segmento retail. Tale pianificazione mira a portare in Francia una quota significativa della liquidità orientale per competere, nel lungo periodo, con Londra, per la leadership del settore a livello europeo. L’obiettivo della leadership europea potrebbe sembrare poco realizzabile, visto l’attuale significativo svantaggio francese in materia di islamic banking ma, con una più attenta valutazione, considerando le posizioni di partenza e le potenzialità, se ne rivaluta la credibilità, almeno per quanto riguarda l’obiettivo di lungo periodo. In questa direzione, la Francia sta lavorando molto per recuperare il terreno perso cercando di suscitare interesse nella comunità finanziaria francese sviluppando una più approfondita conoscenza in materia. Al riguardo, un ruolo fondamentale è stato quello dei primi due forum nazionali sull’islamic banking. Nel primo, del 2007, si è infatti chiarito alla comunità finanziaria francese, quali potessero essere i risvolti positivi, in termini di attrattiva internazionale, dell’implementazione dell’islamic banking nel mercato parigino. Nel secondo, tenutosi l’anno passato si sono, invece, analizzate le variabili su cui work, so that the implementation of the Islamic sector can take place without problems. Currently, the French debate focuses on questions of policy and regulations, to make possible the necessary technical adjustments to the French legislation in order to reduce the typical tax and legal impediments to the development of Islamic finance. In this important first phase of implementation of the Islamic system, the Minister Lagarde, supported by a committee of financial experts, seems to want to forge a new path to implementation based on the needs of the French population. It 'was, in fact, the very strong Muslim community, through various associations, to push politics to a greater view of the sector in terms of useful reforms to introduce Islamic financial instruments. In this regard, in 2007, the French financial market authorities authorized the creation of collective investment schemes Sharia-compliant, licensed under the compliance with specific criteria such as investment in some sectors Halal application of financial ratios. In this regard, are excluded companies with total debt on the balance sheet of more than one third of their average market capitalization of last year. From a technical point of view, the square of Paris seems to provide the necessary skills to succeed in creating great synergies between Islamic and conventional system. The speed with cui l’islamic banking si svilupperà nel territorio francese, dipenderà molto, quindi, dall’operato del governo e da come questo settore innovativo verrà percepito dalla popolazione.
Canzano 19– E lo sviluppo del settore islamico in Germania?
MASULLO - Lo sviluppo del settore islamico in Germania, ha avuto invece, sorti differenti rispetto alla realtà francese. I cinque milioni di musulmani residenti nel territorio tedesco, per la maggior parte di origine turca, non sono riusciti a mantenere alto l’interesse del governo in materia. A tal proposito, nel recente passato, la Germania si era distinta per interventi pioneristici nell’islamic banking, come la prima emissione europea sukuk in 2004, an amount equal to one hundred million euro, which took place in the federal state of Saxony-Anhalt. This initiative, however, despite the positive response in terms of signing, has not found the right result, why not favored by the German policy, characterized by a progressive decline of interest in the Islamic sector, in contrast with other countries Europe. The lack of political interest in the field of Islamic banking seems to arise mainly from problems of education to address the market and the market. In the education market, the role of the German authorities seem at this stage, insufficient to support the development of the sector while the Islamic under the terms of the address of the market, many financial institutions are operating in Germany, working though, just beyond national borders. In this regard, the Bundesbank did not issue any licenses in this area, forcing all transactions made on the Sharia-compliant national territory to be organized in collaboration with foreign Islamic banks. The general lack of interest in political Teutonic, however, did not appear very limited amount of Arab investments in both the capital market is in real estate in Germany. In addition, the less discriminatory character of the German legal system to meet the needs of Islamic banking, aimed especially at the level of interference tax seems to have favored the growth of Islamic finance transactions, structured primarily as Sukuk, mudaraba and Musharaka. In conclusion, the strong Muslim component in Germany, its economic potential in the world and the effects of the recent financial crisis will only encourage the development of Islamic banking as a response to the needs of the resident Muslim community both as an alternative, in terms diversification for the entire German population. It is clear, therefore, as the current market share of Islamic finance in Germany is very far from her. The Arab investments in German real estate sector totaled more than EUR 400 million of assets in their possession and another 300 million are expected this year. potential, consider this, which helps to fuel the interest in the matter.
Canzano 20 - The Italian situation and the potential market for Islamic banking?
MASULLO - The history of Islam in Italy has deep roots that go back to 'the nineteenth century, a time when Sicily and other southern regions suffered the Arab rule for more than two centuries. Today, Italy is home to nearly a half million Muslims who represent more than thirty per cent of the foreign resident population and almost three percent of the national population. In terms of economic importance, it should be noted, moreover, as the six percent del Prodotto Interno Lordo italiano sia prodotto esclusivamente da immigrati e come le necessità finanziarie della popolazione islamica residente si siano evolute, parallelamente al più alto livello di integrazione raggiunto, verso più sofisticate tecniche economiche. Da bisogni finanziari base come le rimesse degli emigranti o i servizi di pagamento, si è passati a necessità di più lungo periodo, tipiche di una popolazione di seconda generazione che continua a crescere anche in termini di disponibilità economiche. Con il consolidamento della presenza sul territorio, la comunità islamica ha avviato operazioni di acquisto di proprietà immobiliari, sia private che commerciali, finanziate tramite strumenti bancari convenzionali o attraverso rare soluzioni mirate offerte da istituti di credito nazionali. A livello imprenditoriale, inoltre, nel territorio italiano si contano circa settantamila imprese avviate da cittadini musulmani che necessitano di una maggiore innovazione finanziaria. Lo sviluppo della finanza Shariah-compliant in Italia risponde, dunque, sia ad esigenze di investimento sia a quelle di risparmio da parte della collettività islamica presente a livello nazionale. Nonostante tali connessioni sia storiche che attuali, l’Italia resta uno dei pochissimi primari paesi europei a non aver ancora implementato il sistema finanziario islamico, diffuso ormai in tutte le principali piazze finanziarie globali. In Italia si nota però, un recente significativo interessamento in questo senso da is part of the market that the political system in general. Italian banks are, in fact, slowly becoming aware of the opportunities that the implementation of the Islamic sector offers competitive terms, including increased bank deposits, the potential synergies with the entire Arab world, the greater capacity of business internationalization and the powerful message of social inclusion. As evidence of this interest in the subject, in 2007 the Italian Banking Association and the Union of Arab Banks, namely the Arab banking industry as a whole, have signed a memorandum of intent, under which has been programmed active collaboration between parties. It 'was expected, In fact, a work approach and cooperation between the two banking systems to try to increase the already strong economic ties between Arab countries and the Mediterranean ones, above all Italy. In Italy was completed in 2006, the first Islamic financial transactions in Italy, a Murabaha applied to a real estate transaction in Pavia. Despite the undoubted symbolic value, this operation has proved very costly for the truth, given the persistence in Italy, the double stamp duty on Murabaha, due to the double dummy transfer of ownership of the property. Tax issue, this, common to other European countries. The second initiative in the field of Italian Muslim concerns implementation of a transaction and Ijara Wa Iqtina is requesting several months of legal and fiscal analysis to be able to satisfy the requirements of Shariah and those of the Italian Civil Code. Despite these individual examples, however, the banking industry have been greatly disadvantaged by the lack of a regulatory framework is essential for the development of the sector. The spread of Sharia-compliant financial instruments in Italy is definitely a need for the country's competitiveness and adaptation to the international trend, but their introduction and their use requires proper management and supervision for the many difficulties related both to their interpretation that their implementation.
Canzano 21 - What are issues related to the opening of an Islamic bank in Italy?
MASULLO - From a statutory point of view, the basic problem is the pattern of collection and the Islamic bank loan that requires no repayment obligation, must, however, in conventional banking systems. In fiscal matters, moreover, have many operational hurdles, such as double stamp duty on property transaction on a Murabaha structured and non-tax deductibility of financial expenses, an Ijara property. In this regard, the conceptually correct approach seems to be based on the tax treatment applied to the economic transaction and not legal standpoint. The British model mentioned earlier, having already faced and solved these problems, it can certainly serve as a model to inspire them. The choice of the British legislation does not define a party looking for, instead of framing flexibility with the phenomenon of Islamic banking in the existing regulatory framework, it seems, in fact, the most opportune time for European countries. For an initial analysis of existing conditions I consider that the implementation of an Islamic bank in Italy, the aim of all the initiatives listed above, can greatly promote the country as an additional channel for economic development and finance available to the public in the development of its economic with the neighboring Arab world. It seems necessary, infatti, vista la globale crisi di liquidità, promuovere investimenti nelle due direzioni ed intercettare una parte di surplus di risparmio proveniente dal mondo islamico. In conclusione, il posizionamento strategico dell’Italia, la sua fitta rete di piccole istituzioni finanziarie distribuite sul territorio e il più forte movimento di finanza etica in Europa, rendono l'Italia un candidato naturale per lo sviluppo del settore islamico. Ritengo, a questo proposito, che una volta risolti i problemi di carattere fiscale e normativo, l ' Italia potrà svolgere un ruolo centrale nel mediterraneo ; il paese infatti, oltre ad avere una bilancia commerciale di svariati miliardi di dollari con i paesi del Consiglio di Cooperazione del Golfo, svolge un ruolo chiave nel dialogo euro-arabo, rappresentando il paese del G7 più vicino al mondo arabo. L'interesse verso la finanza islamica si pone, dunque, come una questione di posizionamento strategico-politico, anche in relazione alla nascita dell'Unione per il Mediterraneo che punta a coinvolgere economicamente i quarantatre paesi del mediterraneo meridionale e orientale, attraverso la loro cooperazione in specifiche attività pubbliche e private.
Canzano 22– Resta sempre aperto il dibattito sulla compatibilità delle attività islamiche con l'attuale sistema di regolamentazione bancario italiano?
MASULLO - Sebbene il dibattito sulla compatibilità delle attività islamiche con l'attuale sistema di regolamentazione bancario italiano resti ancora aperto, la seconda direttiva UE sul settore bancario, grazie al principio del “mutuo riconoscimento” sembra facilitare, almeno in linea di principio, l'apertura di una banca islamica sul territorio italiano. L’utilizzo del passaporto bancario che permette ad un ente bancario autorizzato in un paese europeo di offrire prodotti in tutta l'Unione Europea senza la necessità di disporre di autorizzazione separata sembra, infatti, una valida alternativa in termini operativi. La situazione attuale, vede però, il persistere delle difficoltà del sistema bancario italiano, soprattutto nel confronto con un modello di intermediazione del credito basato su principi di natura religiosa. I prodotti finanziari e i concepts of Islamic finance remains little known even within the financial community and the Italian business. We note, however, about a strong increase in interest in the subject, focuses on the resolution of important issues in statutory interpretation, such as deposit insurance, and the legal characterization of the tax-Islamic activities. In conclusion, the various operations in Arabic program in Italy will serve as a driving force in the field of Islam. In this regard, the most important project concerns Palermo, where over two billion euro, the Limirless, a company in the UAE, aims to rehabilitate the historic center, developing the port and create new tourist areas. All this respect, of course, the principles of Sharia. PROFESSIONAL PROFILE
Born in 1964, BA in Economics and Master in Communication, Marketing and Finance, Knight of the Equestrian Order of the Holy Sepulchre in Jerusalem and the Order 's rib of St. George, active in the financial sector since 1984, former Representative Shout at the Milan Stock Exchange, Consob authorized and registered with the NASD Broker in New York, specializes in consulting and asset management, securities and real estate, finance, business, tax planning, financial reporting and training. He started working in the company Financial Advisors SpA, founded by Pompey Locatelli, then, he has worked for over five years, at the University of Stockbrokers Leander Combi, founded in Milan in 1907, one of the most important in Italy. From 1995 until the sale in 2006, founder, chairman and major shareholder, Advisory Group, and financial intermediary under Article 106 TUB, authorized Italian Exchange Office, Opus Consulting SpA share capital € 625,000. Founding member in 1996 and is still secretary general ASSOCONSULENZA Italian Association of Investment Advisors, the first and only association recognized institution in Italy, is also a founding member in 2008 and secretary general of the Italian Association ASSOCREDITO Consultants Credit Bank e Finanziario di cui è presidente Luigi Pagliuca, già presidente del Collegio di Milano e Lodi dei Ragionieri Commercialisti . Rettore Università ISFOA di Lugano, autore di oltre 300 pubblicazioni e di 22 best sellers aziendali, di cui uno, nel 1998, adottato dall’Università Bocconi di Milano; opinionista presso i più importanti media di settore, quali CNBC Class Financial Network e Bloomberg Television, è stato chiamato come relatore, in Italia ed all’estero, da prestigiose istituzioni quali Marcus Evans, Istituto di Studi Bancari, ISTUD, IUAV Università di Venezia, Università Cattolica del Sacro Cuore di Milano; nel 2002 ha realizzato il primo libro dedicato al Consulente di Investimento. Autore nell' October 2001, the first text dedicated to Bahrain, is editorial director of the Swiss magazine's first Islamic finance, Shirkah Finance, making it one of the leading Italian expert in the field; editor of the magazine Internet Finance www.trend-online.com, is also deputy director of the magazine dedicated to luxury World & Pleasure Magazine and editorial director of Family Office: Family Heritage, the first Italian magazine multimedia, internet and print, specializing in the protection and preservation of family wealth. He has held management positions in consulting or banking groups, insurance, financial, industrial, such as, Norwich Union, CIM Banque, Izar Brogan, Henderson Investors, Fleming, Corner Bank, Lemanik, Nationale Nederland, Banca Popolare Commercio Industria, 81 SIM SpA Family Office, Prudential Life, Banca Popolare di Milano, Cassa di Risparmio di Cento, Cassa di Risparmio di Perugia, Banking Société Privée, Liberty Financial, FMG Fund Marketing Group , Credito Italian, IW Bank, ING Group, Dove Invest SIM, MPS Banca Personale.
giovanna.canzano @ alice.it
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